Actual Costs That Vary from Standard Costs Always Indicate Inefficiencies

question 192

True/False

Actual costs that vary from standard costs always indicate inefficiencies.

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Definitions:

Premium

The amount paid for an insurance policy or the extra cost above the normal price of a product or service, often associated with higher quality or benefits.

Insurance Companies

Businesses that protect their clients against financial losses from certain specified risks (death, accident, and theft, for example).