Strict Liability Is a Liability Without Fault

question 66

True/False

Strict liability is a liability without fault.

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Definitions:

Input

Resources used in the process of production, including raw materials, labor, and overhead costs.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials.

Actual Quantity

The real amount or number of units of materials, labor, or overhead used in the production process.

Standard Quantity

The predetermined amount of materials or resources expected to be used in the production of a product.