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The correct answer is: Variance
Variances is the answer*******
VARIANCES ............................................................................
The difference between Standard and Actual cost is the Variance occurred between estimated budget and actual results.
Yes agree with the answers......................
A benefit that can be reliably measurable and contains an economic benefit to the business should be recognized in the books of accounts (IAS20, IAS18, IAS37 ..)
Simply difference between standard costs and actual costs is defined by name variance.Where as it does mean under applied or over applied as well as favorable or unfavorable.
