When Computing Standard Cost Variances,the Difference Between Actual and Standard

question 154

Multiple Choice

When computing standard cost variances,the difference between actual and standard price multiplied by actual quantity yields a(n) :

• A)combined price and quantity variance.
• B)efficiency variance.
• C)price variance.
• D)quantity variance.

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Definitions:

Actual Value

The true or fair market value of an asset or property.

High Premium

An insurance policy or financial product cost that is significantly above average, often reflecting higher risk or greater coverage.

Co-Insurer

A scenario where multiple insurers share the risk of an insurance policy, each being responsible for a portion of any loss.

Life Insurance Policy

A contract with an insurance company that, in exchange for premium payments, provides a lump-sum payment to beneficiaries upon the insured person's death.