The Document That Captures the Total Amount of Time That

question 57

Multiple Choice

The document that captures the total amount of time that individual workers spend on each production job is called a

• A)time card
• B)job ticket
• C)personnel action form
• D)labor distribution form

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Definitions:

Standard Quantity

This is the predetermined amount of materials or labor expected to be used in producing a unit of product or service.

Direct Material Price Variance

The difference between the actual cost of direct materials used and the expected (or standard) cost, which can indicate efficiency in purchasing materials.

Standard Costing

A cost accounting method that uses standard costs for direct materials, labor, and overhead to help managers control costs by comparing expected costs to actual costs.

Isolating Variances

A process in managerial accounting for identifying and analyzing differences between actual and expected performance.