STANDARD COSTING is a control method involving the preparation of detailed cost and sales budgets. Such budgets are then compared with the actual results for a specific account period and any significant variances between the actual and the budgeted results are investigated. Unexpected trends are corrected if they are not acceptable or they cannot be accommodated.
LAND, in terms of accounting, is the value of real estate less the value of improvements, e.g. buildings.
JOINT ACCOUNT is a financial account owned by two or more persons who share equally in the rights and liabilities of the account.
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