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One of the most important phases of “responsibility accounting“ is establishing “standard costs“ and evaluating performance by comparing “actual costs“ with the “standard costs“. The difference...
There are many types of cost variance, which fall into the two general categories of price and efficiency variances. The price variance is the difference between...
A standard cost is a predetermined cost of manufacturing, servicing, or marketing an item during a given future period. It is based on current and projected...