Examlex
Which of the following is correct?
Variance
The difference between planned or expected performance and actual performance, often analyzed in budgeting and performance management.
Liters
A metric unit of volume equal to 1,000 cubic centimeters, commonly used to measure liquids.
Standard Costs
These are predetermined costs of manufacturing a single unit or a number of units of a product during a specific period, based on expected material, labor, and overhead costs.
Price Variance
A variance that is computed by taking the difference between the actual price and the standard price and multiplying the result by the actual quantity of the input.
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