For Each Historical Identification Question, Define the Term and Briefly

question 75

Short Answer

For each historical identification question, define the term and briefly describe its historical significance.
Etruscans

---

Definitions:

Standard Cost System

An accounting method that uses predetermined costs for valuing inventory and recognizes variances between these costs and actual costs.

Cost of Goods Sold

The primary costs involved in the production of goods a company deals in, including the expenses for materials and labor.

Variances

Differences between planned, budgeted, or standard costs and actual costs, used in performance measurement and control.

Standard Cost

A predetermined cost of manufacturing, delivering, or producing goods under normal conditions.