Examlex
List the four financial statements and briefly explain how each is prepared.
Price Variances
Differences between actual and expected or standard costs that are attributed to changes in the price of goods or services.
Quantity Variances
The difference between actual and standard quantities used in production, affecting cost management and budgeting.
Rate Variance
The difference between the actual rate paid for something and the standard or expected rate.
Direct Labor Hours
The total hours worked by employees directly involved in the manufacturing of products or delivery of services.
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