Write the Correct Meaning for T

question 51

Short Answer

Write the correct meaning for T:

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Definitions:

Variable Factory Overhead Controllable Variance

The difference between the actually incurred variable overhead and what was expected, based on the standard cost.

Factory Overhead

All indirect costs related to the manufacturing process, including maintenance, utilities, and salary of supervisory staff.

Standard

Accepted criteria or expected specifications established as a model for measuring quality, performance, or compliance.

Budgeted

The process of creating a plan for a company's spendings and incomes over a specific period, typically including projected revenues, expenses, and net income.