For Each Historical Identification Question, Define the Term and Briefly

question 24

Essay

For each historical identification question, define the term and briefly describe its historical significance.
-Justinian

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Definitions:

Variance

The difference between planned or budgeted amounts and the actual amounts incurred, used for performance evaluation and control.

Actual Costs

The true expenses incurred in the production of a product or the provision of a service, as opposed to estimated or budgeted costs.

Material Variance

Material variance is the difference between the actual cost of materials used in the production process and the expected (or standard) cost, used to analyze and control costs in manufacturing.

Standard Cost

Standard cost is an estimated or predetermined cost of performing an operation, producing a good, or delivering a service, under normal conditions, used for budgeting and assessing performance.