The process of comparing actual information about input costs and usage to standards is:
A) standard costing
B) process costing
C) variance analysis
D) Activity-based costing

Question

Quizplus · Accepted Answer

Variance analysis involves comparing actual costs or usage to predetermined standards in order to identify any discrepancies or variances, and to analyze the reasons for these variances. Standard costing and process costing are related to costing methods, while activity-based costing is a more detailed and complex method of cost accounting.

The Process of Comparing Actual Information About Input Costs and Usage