Which Variance Is the Difference Between the Actual Cost of the Input

question 136

Multiple Choice

Which variance is the difference between the actual cost of the input and its planned cost?

• A)the total budget variance
• B)the usage variance
• C)the price variance
• D)the efficiency variance

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Definitions:

Local Laws

Regulations and ordinances that are enacted and enforced by local government entities such as cities or counties.

Tea Act

A 1773 British law that lowered the tax on tea to aid the financially troubled British East India Company, leading to the Boston Tea Party and escalating tensions between Britain and the American colonies.

East India Company

A British trading company granted a monopoly on trade in the East Indies, playing a crucial role in British imperial expansion and control over India.

Surcharge

An additional charge, tax, or cost added to the usual cost of goods or services.