A standard cost variance is the difference between a standard cost and an actual cost.

Name: A standard cost variance is the difference between a standard cost and an actual cost.
Brand: Quizplus
Rating: 4.9 (31 reviews)

Question

Quizplus · Accepted Answer

A standard cost variance is indeed the difference between the standard cost (the expected cost of a product under normal conditions) and the actual cost incurred. This variance helps in analyzing the efficiency and cost control of a production process.

A Standard Cost Variance Is the Difference Between a Standard