Examlex
___ are preferences regarding the means for accomplishing desired ends.
Material Price Variance
The difference between the actual cost of materials purchased for production and the standard cost, indicating how much more or less was spent than expected.
Flexible Budget
A budget that adjusts or flexes with changes in volume or activity levels of the business.
Static Budget
A financial plan that does not change over the period for which it is set, regardless of any changes in activity levels.
Standard Cost
A predetermined cost of manufacturing a product or performing a service under normal conditions, used for budgeting and performance evaluation.
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