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According to Einstein's E=mc2 and the "field view of reality,"
Actual Costs
Actual costs are the expenses that have been incurred or the true amount of money spent on a project, product, or activity.
Fixed Overhead Budget Variance
The difference between the budgeted fixed overhead costs and the actual fixed overhead incurred.
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and insurance premiums, providing predictability to a business's expenses.
Labour Efficiency Variance
The difference between the actual hours worked and the standard hours expected to produce a certain level of output, valued at the standard labour rate.
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