The deviation of the actual cost or profit or sales from the standard cost or profit or sale is known as . . . . . . . .
A. Difference
B. Variance
C. Discrepancy
D. Inconsistency
Answer: Option B
Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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