Examlex
According to Henri Fayol's principles of management, which of the following refers to promoting a unity of interest between employees and management?
Variable Overhead
Costs that change in proportion with production volume or business activity levels, such as utilities or raw materials.
Labour Rate Variance
Labour rate variance is the difference between the actual hourly wage paid to workers and the standard wage rate expected, indicating variations in labor cost.
Material Quantity Variance
The difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.
Standard Costing
An accounting method that uses predetermined costs for product costing, performance evaluation, and decision making.
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