Examlex
What is the essential procedural difference between workpaper eliminating entries for un-realized intercompany profit when the selling affiliate is a less than wholly owned subsidiary and such entries when the selling affiliate is the parent company or a wholly owned subsidiary?
Standard Costing
Standard costing is an accounting method that applies estimated costs to product costs for budgeting purposes and performance evaluation, facilitating variance analysis.
Variable Overhead
Costs that fluctuate with production levels, such as utilities or materials used in the manufacturing process.
Labour Efficiency Variance
A measure of the difference between the actual hours worked and the hours that should have been worked for the level of production achieved.
Overhead Spending Variance
The difference between the actual overhead expenses incurred and the overhead expenses budgeted or planned for a period.
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