Question: Match each term to the correct defintion Terms: a. Benchmarking b. Efficiency variance c. Cost variance d. Standard cost Definitions: 1. Measures whether the quantity
Match each term to the correct defintion Terms: a. Benchmarking b. Efficiency variance c. Cost variance d. Standard cost Definitions: 1. Measures whether the quantity of materials or labor used to make the actual number of outputs is within the standard allowed for the number of outputs 2. Uses standards based on best practice 3. Measures how well the business Keops unit costs of materials and labor inputs within standards 4. A price, cost, or quantity that is expected under normal conditions
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