If the Static Budget Variance for Materials Is £200 F

question 24

Multiple Choice

If the static budget variance for materials is £200 F and the budgeted cost for materials is £52,000, then the actual cost of materials is

• A)£52,000.
• B)£52,200.
• C)£51,200.
• D)£51,800.

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Definitions:

Two-way Classification

A method of organizing data that involves two independent variables to understand the relationship between them and their impact on a dependent variable.

Chi-square Technique

A statistical method used to assess the differences between observed frequencies and expected frequencies in one or more categories.

Qualitative Variables

Variables that describe or categorize attributes or characteristics of a sample or population, without implying any order or numerical value for comparison.

Goodness-of-fit-test

A statistical test used to determine how well sample data fit a distribution from a population with a normal distribution.