Please Explain the Difference Between Deductive and Inductive Reasoning

question 24

Essay

Please explain the difference between deductive and inductive reasoning. In your answer, please define each term. Also, please provide an example of each.

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Definitions:

Standard Costs

Predetermined costs for the production of goods or services, used as benchmarks to measure actual production costs and performance efficiency.

Variances

The differences between expected and actual figures in budgeting and accounting, which can indicate over or under performance.

Materials Price Variance

The difference between the actual cost of materials used in production and the expected cost under standard costing.

Raw Materials

Basic materials that are used in the production process of manufacturing goods, which are then converted into finished products.