Asked by
Destiny Goodin
on Nov 12, 2024
Verified
The difference between the standard cost of a product and its actual cost is called a variance.
Variance
The difference between planned or budgeted figures and actual figures, used in performance analysis and management.
- Define variance and understand its role in cost control and performance evaluation.
Verified Answer
JE
Learning Objectives
- Define variance and understand its role in cost control and performance evaluation.
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