Uses Statistical Tools to Answer Questions About Future Data Occurrences

question 19

Multiple Choice

uses statistical tools to answer questions about future data occurrences.

• A)Explanatory analytics
• B)Data mining
• C)Predictive analytics
• D)Knowledge acquisition

Understand the significance of favorable (F) and unfavorable (U) variances in cost management.

Understand the calculation of standard costs including materials, labor, and overhead

Analyze and interpret labor efficiency variances

Analyze and interpret materials quantity variances

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Definitions:

Proportionate Consolidation Method

An accounting technique used for joint ventures, where an entity's share of each of the assets, liabilities, income, and expenses are combined line by line with similar items in the entity's financial statements.

Non-Controlling Interest (NCI)

It represents the equity in a subsidiary not attributable, directly or indirectly, to the parent company.

Proportionate Consolidation Method

A method of accounting where a parent entity combines its share of the subsidiary's assets, liabilities, incomes, and expenses line by line into its financial statements.

Non-Controlling Interest (NCI)

A portion of the equity in a subsidiary not attributable, directly or indirectly, to a parent company, reflecting the minority shareholders' stake.