What Type of Direct Material Variances for Price and Quantity

question 49

Multiple Choice

What type of direct material variances for price and quantity will arise if the actual number of pounds of materials used exceeds standard pounds allowed but actual cost was less than standard cost?

• A)Favorable Favorable
• B)Unfavorable Favorable
• C)Favorable Unfavorable
• D)Unfavorable Unfavorable

Distinguish between different types of income.

Evaluate the effectiveness of comparing incomes in assessing well-being.

Understand the concept and implications of misrepresentation in contracts.

Distinguish between different types of misrepresentation (fraudulent, negligent, and innocent) and understand the remedies available.

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Definitions:

Financial Crisis

A broad term for a variety of situations in which some financial assets suddenly lose a large part of their nominal value, often leading to a collapse of markets and economies.

Economic Model

A simplified representation of reality used to analyze and predict economic behaviors and outcomes.

Opportunity Costs

Refers to the benefits or gains a person or organization misses out on when choosing one alternative over another.

Consumer Goods

Products bought and used by consumers rather than by manufacturers for producing other goods.