Examlex
Explain the three different types of unemployment. Give an example of each type.
Cost Variance
The difference between the actual cost and the standard or planned cost in a budget.
Standard Cost
A predetermined cost of manufacturing, selling, or any other business activity, used for budgeting and performance evaluation.
Actual Cost
The actual expense incurred to acquire an asset or service, including all amounts spent to bring the item to a usable condition and location.
Fixed Factory Overhead Volume Variances
The difference between budgeted and actual fixed overhead costs, attributed to variations in production volume.
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