Matching
Match the following descriptions with the appropriate term.
Premises:
The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used
The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials
The difference between the actual labor rate per hour and the standard labor rate per hou multiplied by the actual number of hours worked on the job
Explains the difference between standard cost and actual cost
The difference between actual and standard overhead costs
Shows the per unit standard costs for materials, labor, and overhead
The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour
The difference between the total standard cost and the total actual cost
Responses:
Labor rate variance
Materials quantity variance
Labor efficiency variance
Overhead variance
Variance analysis
Standard cost card
Cost variance
Materials price variance
Correct Answer:
Premises:
Responses:
The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used
The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials
The difference between the actual labor rate per hour and the standard labor rate per hou multiplied by the actual number of hours worked on the job
Explains the difference between standard cost and actual cost
The difference between actual and standard overhead costs
Shows the per unit standard costs for materials, labor, and overhead
The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour
The difference between the total standard cost and the total actual cost
Premises:
The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used
The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials
The difference between the actual labor rate per hour and the standard labor rate per hou multiplied by the actual number of hours worked on the job
Explains the difference between standard cost and actual cost
The difference between actual and standard overhead costs
Shows the per unit standard costs for materials, labor, and overhead
The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour
The difference between the total standard cost and the total actual cost
Responses:
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