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Advanced Cost Accounting
Chapter 7
4
Accounting
Undergraduate 4
05/09/2008
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Cards

Term

 

 

 

 

Chapter 7

 Definition

 

 

 

 

Flexible Budgets, Direct-Cost Variances, and Management Control
Term

 

 

 

The Use of Variances

 Definition

 

 

 

Variance = The difference between an amount based on an actual result and the corresponding budgeted amount.

 

 
Term

 

 

 

 

Management By Exception 

 Definition

 

 

 

The practice of concentrating on areas not operating as expected. 
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