Examlex
Assumptions can simplify the complex world and make it easier to understand.
Labor Price Variance
The difference between the actual cost of labor and the standard cost expected for that labor, used in budgeting and cost management.
Quantity Variance
Quantity variance refers to the difference between the expected and actual quantity of materials or inputs used in the production process, impacting cost.
Standards
Predetermined benchmarks or norms used for measuring performance and setting expectations in various contexts, including production, quality, and accounting.
Budgets
Financial plans that forecast future income, expenditure, and resource allocation, guiding organizational decision-making.
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