When the Actual Cost of Direct Materials Used Exceeds the Standard

question 100

True/False

When the actual cost of direct materials used exceeds the standard cost, the company must have experienced an unfavorable direct materials price variance.

---

Definitions:

IRAC Method

A method used in legal analysis that stands for Issue, Rule, Application, and Conclusion, guiding the organization and analysis of legal issues.

Briefing Cases

A method used in law schools and by lawyers to prepare for arguments that involves summarizing the facts, issues, rule of law, and reasoning of judicial decisions.

IRAC Method

The IRAC Method is an organizational framework used in legal analysis, standing for Issue, Rule, Application, and Conclusion, guiding the legal reasoning process.

Application

A formal request for something, such as a job, membership, or permission to do something.