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Fill in the Blank:When Actual Cost Incurred Deviates from the Standard Cost Set, the Difference is Termed As________. - Cost Accounting(Financial Accounting and Auditing 10)

Fill in the blank:
When actual cost incurred deviates from the standard cost set, the difference is termed as________.

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Solution

When actual cost incurred deviates from the standard cost set, the difference is termed as Variance.

Concept: Introduction to Standard Costing
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