Little or No Interaction Between Customer and Service Provider Is

question 2

True/False

Little or no interaction between customer and service provider is required when the service is customized.

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Definitions:

Standard Costs

Predetermined or budgeted costs serving as benchmarks for measuring performance, commonly used for budgeting and variance analysis.

Actual Costs

The real costs incurred in the production of goods or in the provision of services.

Direct Labor Variance

The discrepancy between the expected (budgeted) cost of direct labor and the actual cost incurred during a production period.

Direct Labor Time Variance

The difference between the estimated time to produce a good and the actual time taken, often used in cost accounting.