The Difference Between Actual and Standard Cost Caused by the Difference

question 141

Multiple Choice

The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the:

• A) Controllable variance.
• B) Standard variance.
• C) Budget variance.
• D) Quantity variance.
• E) Price variance.

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Definitions:

Withdraw

The act of removing oneself from participation in an agreement, activity, or financial arrangement, or the act of taking back an offer or statement.

Contracts under Seal

Formal contracts which are validated by the seal of the signing party, symbolizing a deliberate intention to undertake obligations.

Soft Wax

A material used primarily for aesthetic purposes, such as enhancing the finish of wood or in hair removal procedures.

Impression

The effect or influence that something or someone produces on the mind or feelings; a perception or interpretation of something.