Examlex
Match each term with the correct statement below.
-Groups of instructions that accomplish fundamental operations
Direct Labour Standards
Pre-determined measures of how much labor (time or cost) should be used to produce a unit of product or perform a service.
Total Cost
The complete cost of producing or acquiring goods or services, including both fixed and variable components.
Direct Material Quantity Variance
The difference between the expected and actual quantity of materials used in production, affecting the total manufacturing cost.
Direct Labour Rate Variance
The difference between the actual cost of direct labor and the standard cost, which shows how well labor costs are being managed.
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