Examlex
What is an incontestability clause in a policy of insurance,and what is its effect? Discuss whether you believe that ethically these clauses should be required of insurers.
Materials Price Variance
The difference between the actual cost of raw materials and the expected cost at standard prices.
Standard Quantity
The expected or predetermined amount of materials or input needed to produce a single unit of product, used for manufacturing budgeting and variance analysis.
Standard Price
A predetermined cost that companies use for budgeting and assessing the performance of actual costs.
Actual Materials Purchased
The total quantity and cost of raw materials bought during a period for the purpose of production.
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