The Labor Mix Variance Is Actual Total Hours At

question 68

Multiple Choice

The labor mix variance is actual total hours at:

• A) actual mix times actual labor rates less actual total hours at actual mix times standard labor rates.
• B) actual mix times standard labor rates less standard total hours at standard mix times standard labor rates.
• C) actual mix times standard labor rates less actual total hours at standard mix times standard labor rates.
• D) standard mix times standard labor rates less standard total hours at standard mix times standard labor rates.

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Definitions:

Indemnification

Payment for loss or damage suffered.

Fiduciary Relationship

A relationship based on trust such as exists between an attorney and a client, an agent and a principal, a guardian and a ward, a trustee and a beneficiary, or a director and a corporation.

Principal

A person who authorizes an agent to act on her or his behalf and subject to her or his control.

Independent Contractor

An individual who provides goods or services to another entity under terms specified in a contract or within a freelance arrangement, not as an employee.