The Total Variance for Any Particular Cost Component Is Referred

question 12

Multiple Choice

The total variance for any particular cost component is referred to as the:

• A) price variance.
• B) efficiency variance.
• C) budget variance.
• D)none of the above.

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Definitions:

Voidable

Voidable refers to a legal status denoting that an agreement or transaction can be affirmed or rejected at the discretion of one of the parties involved.

Ratification

The act of officially approving or confirming an action, agreement, or decision, often after the fact, to make it valid and binding.

Depreciation

The reduction in the value of an asset over time, particularly due to wear and tear.

Ratify

To formally approve or confirm an agreement or treaty, making it officially valid.