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Labor Efficiency Variance
A measure used to determine how well labor resources are used, by comparing the standard labor hours supposed to be used to produce goods versus the actual hours used.
Standard Cost System
An accounting system that uses standard costs for cost control and decision-making purposes.
Actual Results
The real, achieved outcomes of business activities, such as sales, expenses, and profits, which are compared against planned or forecasted results.
Standard Hours
The predetermined amount of time expected to complete a task, job, or project.
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