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Term
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Definition
| managers focus attention on the most significant variances and give less attention to areas where performance is reasonably close to the standard |
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Term
| direct materials standard costs |
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Definition
| price standards and quantity standards |
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Term
| direct labor standard costs |
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Definition
| rate standards and time standards |
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Term
| variable overhead standard costs |
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Definition
| rate standards and activity standards |
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Term
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Definition
| amount by which an actual cost differs from the standard cost |
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