The Difference Between Cost Variances and Efficiency Variances Pertains to ________

question 83

Multiple Choice

The difference between cost variances and efficiency variances pertains to ________.

• A) the difference between the static budget and actual results
• B) the difference between the flexible budget and actual results
• C) the difference between the flexible budget and the static budget
• D) the difference between the static budget and the previous year's actual results

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Definitions:

Surplus II

An excess of production or supply over demand, leading to potential wastage or decrease in prices.

Total Surplus

The total benefits society gains, encompassed by the addition of consumer surplus and producer surplus within a market.

Consumer Surplus

The variation between the sum consumers are willing to allocate for a good or service and the sum they actually allocate.

Surplus II

An additional amount of a resource, product, or service that exceeds the amount demanded or utilized.