A Favourable Direct Materials Yield Variance Results When Less Direct

question 42

True/False

A favourable direct materials yield variance results when less direct materials are used than planned.

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Definitions:

Obtained Value

The actual value or result derived from a statistical test or experimental measurement.

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis; it's determined by the chosen significance level.

Statistical Significance

Statistical significance is a determination that the observed results in data are not due to random chance, typically indicated by a p-value less than a predetermined threshold.

Hypothesized Reason

An assumed explanation or cause developed for the purpose of testing through research or experimentation.