Examlex
Instructions: Identify the following terms.
"African form of socialism"
Total Revenue Variance
The difference between the actual total revenue earned and the expected total revenue in a period.
Direct Materials Price Variance
The difference between the actual cost of direct materials and the standard cost, multiplied by the quantity purchased.
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost multiplied by the actual hours worked.
Actual Quantity
The real amount of materials, labor, or overhead used in production or service delivery, as opposed to budgeted or standard quantities.
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