Examlex
Explain the concept of ethnic gloss.
Standard Cost
An estimated or pre-determined cost of performing an operation or producing a good, used in budgeting and pricing.
Actual Cost
The tangible and realized expense incurred for materials, labor, and overhead in the production of goods or services.
Standard Cost Systems
An accounting method that uses standard costs for direct materials, labor, and overhead to help managers control business costs.
Performance Evaluation
The formal assessment process of an employee's job performance, typically conducted through reviews and meetings.
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