Identify the Following Terms

question 10

Essay

Identify the following terms.
-Marco Polo's Travels

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Definitions:

Rigorous

Characterized by strict precision, accuracy, and careful attention to detail.

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.

Standard Direct Materials

The pre-determined amount and cost of raw materials used in the production of a product.

Variance

The difference between planned (budgeted) and actual figures in financial and operational contexts, identifying discrepancies.