Choose the Word or Phrase in [ ] Which Will

question 34

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-There is a [high | low] chance that one's tax return will be audited in a given year.

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Definitions:

Budgeted Overhead

An estimate of the indirect costs or overheads that a business expects to incur during a specific period.

Direct Labor Hour

The actual time spent by workers directly producing a product or providing a service.

Actual Overhead

The actual amount of indirect costs associated with production, including utilities, maintenance, and factory overhead, incurred during a specific period.

Labor Rate Variance

A measure of the difference between the actual cost of labor and the budgeted or standard cost.