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Time Variance
The difference between actual time taken to perform an activity and the expected time.
Rate Variance
The difference between the actual rate paid for something and the standard or expected rate, often analyzed in budgeting and cost management.
Total Cost Variance
measures the difference between the actual cost of producing something and its standard cost, highlighting efficiency and budgeting issues.
Variable Factory Overhead
Costs in manufacturing that fluctuate with the level of production, such as utilities or materials.
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