Define Competitive Actions and Responses and Explain the Two Types

question 35

Essay

Define competitive actions and responses and explain the two types of competitive actions and responses.

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Definitions:

Denominator Level

In cost accounting, it refers to the level of activity or volume that is used to calculate the fixed cost per unit during a specific period.

Volume Variance

Refers to the difference between the expected volume of production and the actual volume, affecting the budgeted production costs.

Standard Hours

The amount of time expected to complete a task or a project under normal conditions.

Budget Variance

The difference between what was budgeted or planned for an operation and what actually occurred.