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Match the Following Definitions with the Appropriate Term

Question 222

Matching

Match the following definitions with the appropriate term

Premises:
Results from a comparison of actual cost or revenue to budget that contributes to a lower income.
A report that compares actual results with the results expected under a fixed budget.
When management pays an amount different from the standard price to acquire an item.
Results from a comparison of actual cost or revenue to budget that contributes to higher income.
Management's use of budgets to see that planned objectives are met.
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 performance and budgeted performance based on actual sales volume or other activity level.
Responses:
Unfavorable variance
Fixed budget performance report
Overhead cost variance
Budgetary control
Spending variance
Flexible budget performance report
Quantity variance
Favorable variance

Correct Answer:

Results from a comparison of actual cost or revenue to budget that contributes to a lower income.
A report that compares actual results with the results expected under a fixed budget.
When management pays an amount different from the standard price to acquire an item.
Results from a comparison of actual cost or revenue to budget that contributes to higher income.
Management's use of budgets to see that planned objectives are met.
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 performance and budgeted performance based on actual sales volume or other activity level.
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