Accounting Terminology
Listed Below Are Seven Technical Accounting Terms Introduced

Accounting terminology
Listed below are seven technical accounting terms introduced or emphasized in this chapter:
Each of the following statements may (or may not) describe one of these technical terms. In the space provided beside each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
______ (a) A materials variance which is the responsibility of the Purchasing Department.
______ (b) The variance which exists whenever actual production levels differ from normal levels.
______ (c) Unit costs expected to be incurred under normal conditions.
______ (d) A labor variance caused by a difference between standard and actual hours required to complete a task.
_____ (e) The variance caused by incurring more overhead costs than allowed for at a given level of production.
$$\begin{array} { | l | l | } \hline \text { Labor rate variance } & \text { Labor efficiency variance } \\\hline \text { Volume variance } & \text { Materials price variance } \\\hline \text { Standard costs } & \text { Materials quantity variance } \\\hline \text { Overhead spending variance } & \\\hline\end{array}$$

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(a) Materials price variance (...

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