A price variance is the difference between standard and actual prices paid for resources purchased and used.

Name: A price variance is the difference between standard and actual prices paid for resources purchased and used.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A price variance specifically refers to the difference between the actual cost of a resource and its expected (or standard) cost, highlighting how much more or less was paid for the resource than was anticipated.

A Price Variance Is the Difference Between Standard and Actual