The difference between the actual cost incurred and the standard cost is called the:
A) Flexible variance.
B) Price variance.
C) Cost variance.
D) Controllable variance.
E) Volume variance.

Question

Quizplus · Accepted Answer

The difference between actual cost and standard cost is called the cost variance. This variance measures the deviation from the expected cost of producing a product or delivering a service.

The Difference Between the Actual Cost Incurred and the Standard