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Accounting Final Exam Review CH24
n/a
5
Accounting
Undergraduate 1
05/03/2010
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Term
management by exception
 Definition
managers focus attention on the most significant variances and give less attention to areas where performance is reasonably close to the standard
Term
direct materials standard costs
 Definition
price standards and quantity standards
Term
direct labor standard costs
 Definition
rate standards and time standards
Term
variable overhead standard costs
 Definition
rate standards and activity standards
Term
variance
 Definition
amount by which an actual cost differs from the standard cost
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