Solved

Match the Following Definitions with the Appropriate Terms

Question 178

Matching

Match the following definitions with the appropriate terms

Premises:
Difference in sales or costs, when the actual value is compared to the budgeted value, that contributes to a lower income.
A report that compares results with fixed budgeted amounts and identifies the differences as favorable or unfavorable variances.
The difference between the actual price of an item and its standard price.
Difference in sales or costs, when the actual value is compared to the budgeted value, that contributes to a higher income.
Use of budgets by management to monitor and control the operations of a company.
Difference between actual quantity of an input and the standard quantity of the input.
Difference between the total overhead cost applied to products and the total overhead cost actually incurred.
A report that compares actual revenues and costs with their variable budgeted amounts based on actual sales volume (or other level of activity) and identifies the differences as variances.
Responses:
Unfavorable variance
Fixed budget performance report
Overhead cost variance
Budgetary control
Spending variance
Flexible budget performance report
Efficiency variance
Favorable variance

Correct Answer:

Difference in sales or costs, when the actual value is compared to the budgeted value, that contributes to a lower income.
A report that compares results with fixed budgeted amounts and identifies the differences as favorable or unfavorable variances.
The difference between the actual price of an item and its standard price.
Difference in sales or costs, when the actual value is compared to the budgeted value, that contributes to a higher income.
Use of budgets by management to monitor and control the operations of a company.
Difference between actual quantity of an input and the standard quantity of the input.
Difference between the total overhead cost applied to products and the total overhead cost actually incurred.
A report that compares actual revenues and costs with their variable budgeted amounts based on actual sales volume (or other level of activity) and identifies the differences as variances.
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