Question 1

The sum of the variable overhead spending variance,the variable overhead efficiency variance,the fixed overhead spending variance is the ____________________________.

Accepted Answer

The answer of The sum of the variable overhead spending...

Question 2

A flexible budget is also called a _______________ budget.

Accepted Answer

The answer of A flexible budget is also called a...

Question 3

Direct materials variances are called price and quantity variances.However,when referring to direct labor,these variances are usually called _________________ and _____________ variances.
Answers can appear in any order.

Accepted Answer

The answer of Direct materials variances are called price and...

Question 4

The difference between the flexible budget sales and the fixed budget sales is called the __________________________ variance.

Accepted Answer

The answer of The difference between the flexible budget sales...

Question 5

A fixed budget is also called a _____________ budget.

Accepted Answer

The answer of A fixed budget is also called a...

Question 6

The fixed overhead variance can be broken down into the _________________ variance and the _________________ variance.
Answers can appear in any order.

Accepted Answer

The answer of The fixed overhead variance can be broken...

Question 7

The difference between the actual overhead cost incurred and the standard overhead applied is the __________________________.

Accepted Answer

The answer of The difference between the actual overhead cost...

Question 8

In preparing flexible budgets,the costs that remain constant in total are _______________ costs.Those costs that change in total are _______________ costs.
Answers can appear in any order.

Accepted Answer

The answer of In preparing flexible budgets,the costs that remain...

Question 9

Differences between actual costs and standard costs are known as _______________.These differences may be subdivided into ______________ and _________________.
The first answer needs to be entered first;the last two answers need to appear in the second and third blanks and can appear in any order.

Accepted Answer

The answer of Differences between actual costs and standard costs...

Question 10

In the analysis of variances,management commonly focuses on four categories of production costs: __________________ cost,___________________ cost;_____________ cost;and _________________ cost.
Answers can appear in any order.

Accepted Answer

The answer of In the analysis of variances,management commonly focuses...

Question 11

A favorable variance for a cost means that when compared to the budget,the actual cost is ____________________ than the budgeted cost.

Accepted Answer

The answer of A favorable variance for a cost means...

Question 12

If actual price per unit of materials is greater than the standard price per unit of materials,the direct materials price variance is _______________________.

Accepted Answer

The answer of If actual price per unit of materials...

Question 13

At the end of the accounting period,immaterial variances are closed to _____________.

Accepted Answer

The answer of At the end of the accounting period,immaterial...

Question 14

A management approach that focuses attention on significant differences from plans and gives less attention to areas where performance is reasonably close to standards is known as ___________________.

Accepted Answer

The answer of A management approach that focuses attention on...

Question 15

A standard that takes into account the reality that some loss usually occurs with any process under normal application of the process is known as a _______________ standard.

Accepted Answer

The answer of A standard that takes into account the...

Question 16

The difference between the actual sales and the flexible budget sales is called the ______________________ variance.

Accepted Answer

The answer of The difference between the actual sales and...

Question 17

A _______________________ contains relevant information that compares actual results to planned activities.

Accepted Answer

The answer of A _______________________ contains relevant information that compares...

Quiz 23: Flexible Budgets and Standard Costs

The sum of the variable overhead spending variance,the variable overhead efficiency variance,the fixed overhead spending variance is the ____________________________.

A flexible budget is also called a _______________ budget.

Direct materials variances are called price and quantity variances.However,when referring to direct labor,these variances are usually called _____ and _ variances. Answers can appear in any order.

The difference between the flexible budget sales and the fixed budget sales is called the __________________________ variance.

A fixed budget is also called a _____________ budget.

The fixed overhead variance can be broken down into the _ variance and the _ variance. Answers can appear in any order.

The difference between the actual overhead cost incurred and the standard overhead applied is the __________________________.

In preparing flexible budgets,the costs that remain constant in total are _ costs.Those costs that change in total are _ costs. Answers can appear in any order.

Differences between actual costs and standard costs are known as _.These differences may be subdivided into and _____. The first answer needs to be entered first;the last two answers need to appear in the second and third blanks and can appear in any order.

In the analysis of variances,management commonly focuses on four categories of production costs: ______ cost,_ cost;_ cost;and ___________ cost. Answers can appear in any order.

A favorable variance for a cost means that when compared to the budget,the actual cost is ____________________ than the budgeted cost.

If actual price per unit of materials is greater than the standard price per unit of materials,the direct materials price variance is _______________________.

At the end of the accounting period,immaterial variances are closed to _____________.

A management approach that focuses attention on significant differences from plans and gives less attention to areas where performance is reasonably close to standards is known as ___________________.

A standard that takes into account the reality that some loss usually occurs with any process under normal application of the process is known as a _______________ standard.

The difference between the actual sales and the flexible budget sales is called the ______________________ variance.

A _______________________ contains relevant information that compares actual results to planned activities.

Quiz 23: Flexible Budgets and Standard Costs

The sum of the variable overhead spending variance,the variable overhead efficiency variance,the fixed overhead spending variance is the ____________________________.

A flexible budget is also called a _______________ budget.

Direct materials variances are called price and quantity variances.However,when referring to direct labor,these variances are usually called _________________ and _____________ variances. Answers can appear in any order.

The difference between the flexible budget sales and the fixed budget sales is called the __________________________ variance.

A fixed budget is also called a _____________ budget.

The fixed overhead variance can be broken down into the _________________ variance and the _________________ variance. Answers can appear in any order.

The difference between the actual overhead cost incurred and the standard overhead applied is the __________________________.

In preparing flexible budgets,the costs that remain constant in total are _______________ costs.Those costs that change in total are _______________ costs. Answers can appear in any order.

Differences between actual costs and standard costs are known as _______________.These differences may be subdivided into ______________ and _________________. The first answer needs to be entered first;the last two answers need to appear in the second and third blanks and can appear in any order.

In the analysis of variances,management commonly focuses on four categories of production costs: __________________ cost,___________________ cost;_____________ cost;and _________________ cost. Answers can appear in any order.

A favorable variance for a cost means that when compared to the budget,the actual cost is ____________________ than the budgeted cost.

If actual price per unit of materials is greater than the standard price per unit of materials,the direct materials price variance is _______________________.

At the end of the accounting period,immaterial variances are closed to _____________.

A management approach that focuses attention on significant differences from plans and gives less attention to areas where performance is reasonably close to standards is known as ___________________.

A standard that takes into account the reality that some loss usually occurs with any process under normal application of the process is known as a _______________ standard.

The difference between the actual sales and the flexible budget sales is called the ______________________ variance.

A _______________________ contains relevant information that compares actual results to planned activities.

Direct materials variances are called price and quantity variances.However,when referring to direct labor,these variances are usually called _____ and _ variances. Answers can appear in any order.

The fixed overhead variance can be broken down into the _ variance and the _ variance. Answers can appear in any order.

In preparing flexible budgets,the costs that remain constant in total are _ costs.Those costs that change in total are _ costs. Answers can appear in any order.

Differences between actual costs and standard costs are known as _.These differences may be subdivided into and _____. The first answer needs to be entered first;the last two answers need to appear in the second and third blanks and can appear in any order.

In the analysis of variances,management commonly focuses on four categories of production costs: ______ cost,_ cost;_ cost;and ___________ cost. Answers can appear in any order.