A Cost Variance Is the Difference Between Actual Cost and Standard

question 120

True/False

A cost variance is the difference between actual cost and standard cost.

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Definitions:

Rival In Consumption

A characteristic of a good whereby its consumption by one individual decreases its availability for consumption by another.

Allocate Resources

The process of distributing available resources among various projects or business units.

Markets

Places or systems in which goods, services, and assets are exchanged, usually with prices determined by supply and demand.

Efficiently

Conducting an activity in such a manner that it achieves the maximum output with the minimum input or resources, without waste.