Which of the Following Statements Regarding Variances Is/are True

question 59

Multiple Choice

Which of the following statements regarding variances is/are true?
The actions that create a favourable direct material price variance
i. can result in an unfavourable direct material quantity variance
ii. are likely to create an unfavourable direct labour rate variance
iii. can result in an unfavourable direct labour efficiency variance

• A) i
• B) i and ii
• C) i and iii
• D) ii and iii

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Definitions:

Accounts Payable

This term refers to the amount of money that a company owes to its suppliers or creditors for goods and services purchased on credit.

Process Costing System

An accounting method used where identical units are mass-produced, assigning average costs to each unit, making it easier to track and manage costs.

Direct Material Costs

Costs of raw materials or parts that directly go into producing products.

Weighted-Average Method

An inventory costing method that assigns the average cost of goods available for sale to both ending inventory and cost of goods sold.