The Difference Between Actual and Standard Cost Caused by the Difference

question 32

Multiple Choice

The difference between actual and standard cost caused by the difference between the actual price and the standard price is called the:

• A) Standard variance.
• B) Quantity variance.
• C) Volume variance.
• D) Controllable variance.
• E) Price variance.

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Definitions:

Purposeful Action

An intentional act with a clear goal or objective in mind.

Sustained Improvement

Continuous and consistent enhancement in performance, quality, or efficiency over time.

Leader Role

The responsibilities and behaviors expected from an individual who guides or directs a group towards achieving certain goals.

Exemplary Leadership

Leadership characterized by being a worthy example for others to follow, often involving high ethical standards and strong commitment.