Asked by Nathan Tsung on Apr 29, 2024
Verified
Differences between actual costs and standard costs are known as ________.These differences may be subdivided into ________ and ________.
Standard Costs
Standard costs are predetermined costs established as targets for the production of goods or rendering of services, used as benchmarks to measure performance.
Actual Costs
The real expenses incurred or paid during a project or operation, as opposed to budgeted or estimated costs.
Differences
Refers to the disparities or variations that exist between two or more items, figures, or entities, often used in financial analysis and auditing.
- Familiarize oneself with the concept of standard costing and the assessment of variances.
Verified Answer
The first answer needs to be entered first; the last two answers need to appear in the second and third blanks and can appear in any order
Learning Objectives
- Familiarize oneself with the concept of standard costing and the assessment of variances.
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