Matching
Match the following definitions with the appropriate term
Premises:
Occurs when there is a difference between the actual and standard volume of production.
A planning budget based on a single predicted amount of sales or other activity measure.
Preset costs for delivering a product, or service under normal conditions.
A process of examining differences between actual and budgeted sales or costs and describing them in terms of the price and quantity differences.
The difference between actual price per unit of input and standard price per unit of input.
A budget prepared based on several different amounts of sales, often including a best-case and worst-case scenario.
The difference between actual quantity of input used and standard quantity of input used.
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget.
A management process to focus on significant variances and give less attention to areas where performance is close to the standard.
The difference between actual and standard cost.
Responses:
Cost variance
Volume variance
Price variance
Quantity variance
Standard costs
Controllable variance
Fixed budget
Flexible budget
Variance analysis
Management by exception
Correct Answer:
Premises:
Responses:
Occurs when there is a difference between the actual and standard volume of production.
A planning budget based on a single predicted amount of sales or other activity measure.
Preset costs for delivering a product, or service under normal conditions.
A process of examining differences between actual and budgeted sales or costs and describing them in terms of the price and quantity differences.
The difference between actual price per unit of input and standard price per unit of input.
A budget prepared based on several different amounts of sales, often including a best-case and worst-case scenario.
The difference between actual quantity of input used and standard quantity of input used.
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget.
A management process to focus on significant variances and give less attention to areas where performance is close to the standard.
The difference between actual and standard cost.
Premises:
Occurs when there is a difference between the actual and standard volume of production.
A planning budget based on a single predicted amount of sales or other activity measure.
Preset costs for delivering a product, or service under normal conditions.
A process of examining differences between actual and budgeted sales or costs and describing them in terms of the price and quantity differences.
The difference between actual price per unit of input and standard price per unit of input.
A budget prepared based on several different amounts of sales, often including a best-case and worst-case scenario.
The difference between actual quantity of input used and standard quantity of input used.
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget.
A management process to focus on significant variances and give less attention to areas where performance is close to the standard.
The difference between actual and standard cost.
Responses:
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