actual cost definition

actual cost

Actual amount paid or incurred, as opposed to estimated cost or standard cost. In contracting, actual costs to date amount includes direct labor, direct material, and other direct charges.

actual cost is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

actual cost appears in the definitions of the following terms: direct labor total variance, cost control, variable production overhead expenditure variance, earned value cost control, applied cost, accounting concepts, cost account, time and materials (T&M) contract, cost underrun, standard price variance and

actual cost appears in these other terms: actual cost of work performed contract, actual cost of work performed (ACWP)

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