Examlex
Match the respective type of casts with an associated condition (use an answer only once) .
-WBC casts
Labor Efficiency Variance
The difference between the actual labor hours used to produce a good or service and the standard labor hours expected to be used, measuring labor efficiency.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected (or standard) variable overhead based on activity levels.
Favorable
A term used in accounting and finance to describe outcomes or variances that are better than anticipated, indicating a positive performance against the budget or forecast.
Unfavorable
A term used to describe a variance or outcome that results in a worse financial position than expected or budgeted.
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