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Extensive government restrictions on the use of capital are likely to
Standard Costs
predetermined costs assigned to goods and services, used as a benchmark for measuring performance.
Standard Price
The predetermined cost of acquiring goods and services, often used in budgeting and cost control.
Direct Materials
Raw materials that can be directly traced to the production of a specific product, a component of the total manufacturing cost.
Variances
Differences between planned or expected financial outcomes and the actual results.
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