Please Define the Following Key Terms

question 44

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Atonism

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Definitions:

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost expected for those materials.

Raw Materials

These are the base ingredients or components that companies use in the production of goods.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost of those materials.

Materials Quantity Variance

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