Examlex
The phenomenon of diffusion of responsibility can best be described as
Standard Cost System
An accounting method that applies estimated costs to product units to predict production expenses and aid in budgeting.
Labor Rate Variance
The discrepancy between what labor actually costs and what was initially budgeted or considered as the standard labor cost.
Actual Results
The real outcomes or data obtained from an operation or process, often compared against planned or forecasted results.
Standard Cost System
A method of cost accounting that compares actual costs to predetermined standards, facilitating variance analysis to manage costs.
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