Examlex
The success with which a test predicts the behavior it is designed to predict is called
Standard Costs
Predetermined costs assigned to goods and services, used as targets for performance evaluation.
Actual Costs
The real costs incurred in the production of goods or provision of services, as opposed to estimated or standard costs.
Direct Materials Price Variance
The difference between the actual cost of direct materials used in production and the standard cost, multiplied by the actual quantity of materials used.
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, used in variance analysis to control labor costs.
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