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Key Terms
Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
weapons of mass destruction
Fixed Manufacturing Overhead
Costs associated with production that do not change with the level of output, such as rent, salaries, and equipment depreciation.
Budget Variance
Budget variance is the difference between the budgeted or planned amount of expense or revenue and the actual amount incurred or earned.
Standard Cost System
An accounting framework where predetermined costs are used for valuing inventories and measuring cost variances.
Volume Variance
Volume variance reflects the difference between the expected number of units produced or sold and the actual units produced or sold, impacting costs and revenue.
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