Examlex
Explain the basic principles of scientific management, and discuss the applicability of those principles to today's jobs.
Standard Cost Variances
Differences between the estimated costs to produce a good or service and the actual costs incurred.
Cost of Goods Sold
The direct costs associated with producing goods that have been sold, including materials and labor.
Standard Cost System
An accounting method that uses predetermined costs for products and services to help managers control expenses and operations.
Labor Rate Variance
The variance between the real labor expenses and the anticipated (or benchmark) cost.
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