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Match the Following Descriptions with the Appropriate Term

Question 114

Matching

Match the following descriptions with the appropriate term.

Premises:

Responses:

The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used

Labor rate variance

The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials

Materials quantity variance

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

Labor efficiency variance

Explains the difference between standard cost and actual cost

Overhead variance

The difference between actual and standard overhead costs

Variance analysis

Shows the per unit standard costs for materials, labor, and overhead

Standard cost card

The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour

Cost variance

The difference between the total standard cost and the total actual cost

Materials price variance

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