Examlex
Once heat is transferred to the soil,where does it go afterward (Noormets et al.2004) ?
Materials Variance
The difference between the actual cost of materials used in production and the expected (standard) cost of those materials.
Price Variances
The difference between the actual cost of a good or service and its standard or expected cost, which can be favorable or unfavorable.
Quantity Variances
Differences between the actual quantity of materials or inputs used in a production process and the standard quantity expected to be used, often leading to cost variances.
Favorable Variance
A financial situation where actual costs are less than the standard or budgeted costs, or actual revenue is higher than expected.
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