SOCIAL COST is the cost to society as a whole from an event, action, or policy change. Includes negative externalities and does not count costs that are transfers to others, in contrast to private cost.
DUAL PURPOSE TEST is when audit procedures are classified both as substantive tests and tests of controls. When an audit procedure provides both types of evidence it is a dual purpose test.
VARIANCE, in accounting, is the difference between a projected number and the actual number, e.g. 1. a budget variance is spending either more or less from the amount that was budgeted; and 2. a cost variance is the difference between actual cost and standard cost in the categories of direct material, direct labor, and direct overhead.
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