Examlex
The most significant technology that made computers possible is the integrated circuit.
Time Variance
This refers to the difference between the expected time to complete a task and the actual time taken.
Actual Direct Labor Hours
The real number of labor hours spent by workers directly involved in the production of goods or services.
Standard Hours
The prescribed amount of time that work is expected to take under normal conditions, often used for planning and efficiency analysis.
Direct Materials Quantity Variance
A measure used to evaluate the efficiency of the quantity of materials used in production, calculated as the difference between the standard cost of direct materials and the actual cost of direct materials used.
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