Shared Flashcard Set

Details

Accounting Final Exam Review CH24
n/a
5
Accounting
Undergraduate 1
05/03/2010

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Cards

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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