What Steps Should Be Taken If You Find an Error

question 169

Essay

What steps should be taken if you find an error in your credit file?

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Definitions:

Standard Cost System

A system of accounting that uses cost standards for costing materials, labor, and overhead.

Fixed Manufacturing Overhead Rate

This refers to the rate at which all fixed manufacturing costs are allocated across units produced, typically calculated at the beginning of a fiscal period.

Variances

The difference between planned or expected financial outcomes and the actual results.

Direct Materials

Raw materials that directly become a part of the finished product and can be easily traced to it.