Match the Following

Question 221

Matching

Match the following:

Premises:

Responses:

Arises when actual production volume differs from expected production vol ume

Efficiency variance

Measures whether the quantity of direct materials or direct labour used to make the actual number of outputs is within the standard allowed for that number of outputs

Price variance

A budget for a single unit

Standard cost

Prepared for one level of sales volume

Production vol ume variance

Measures how well the business keeps unit prices of direct material and direct labour inputs within standards

Static bud get

Shows how well management has controlled overhead costs

Overhead flexible budget variance

Premises:

Arises when actual production volume differs from expected production vol ume

Measures whether the quantity of direct materials or direct labour used to make the actual number of outputs is within the standard allowed for that number of outputs

A budget for a single unit

Prepared for one level of sales volume

Measures how well the business keeps unit prices of direct material and direct labour inputs within standards

Shows how well management has controlled overhead costs

Responses:

Efficiency variance

Price variance

Standard cost

Production vol ume variance

Static bud get

Overhead flexible budget variance

Correct Answer:

Premises:

Responses:

Arises when actual production volume differs from expected production vol ume

Measures whether the quantity of direct materials or direct labour used to make the actual number of outputs is within the standard allowed for that number of outputs

A budget for a single unit

Prepared for one level of sales volume

Measures how well the business keeps unit prices of direct material and direct labour inputs within standards

Shows how well management has controlled overhead costs

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