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Which of the following flow directions is(are) assumed in a flowchart?
Standard Costs
Predetermined costs for materials, labor, and overhead used to control actual operating costs and to measure cost variances.
Direct Labor Time Variance
The difference between the actual time spent on production and the standard time expected, multiplied by the direct labor rate.
Actual Costs
The real costs incurred in the production, acquisition, or other activities of a business, as opposed to estimated or budgeted costs.
Standard Costs
An accounting practice where predetermined costs are used for calculating the cost of production, often for budgeting and performance evaluation purposes.
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