Connect C Secure https//newcon /flow/connect.html Exam 2 Help Save & Exit Submit
ID: 2395190 • Letter: C
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Connect C Secure https//newcon /flow/connect.html Exam 2 Help Save & Exit Submit column for Your Answer Term 1. Budget slack Select the term that best fits the definition or description, enter the number of the term in the 12 Your Answer Definition or Description A. Differences between budgets based on standard amounts at the actual level of activity and actual result B. The difference between inflated and realistic standards 2. Cost per unit C. A variance occurring in a standard cost accounting system when the actual amount or quantity of direct labor used differs from the standard amount required D. The per unit price or cost that "should be" based on a certain set of anticipated circumstances E. Standard representing the highest level of efficiency attainable based on all input factors interacting perfectly under ideal or optimum condition F. A variance that occurs when actual prices paid for raw materials differs from the standard paces G. The difference between sales based on a static budget (standard sales price times standard level of activity) and sales based on a flexible budget (standard sales price times actual level of activity) H. A variance that occurs when the actual pay rate differs from the standard pay rate for direct labor I. A valiance that occurs when the actual costs are less than standard costs or when actual sales are greater than standard sales 010418 3. Favorable variance 4. Flexible budget variances 5. Ideal standard 6. Labor usage Variance 7. Labor price valiance 8. Materials price variance 9. Materials usage variance This question will be sent to your instructor for greding. 10 6/2 Prey 12 of 25 Next >Explanation / Answer
A) Flexible budget variances??
Explanation: Flexible budget variance?refers to difference between budgets based on standard amounts at the actual level of activity and actual results. It occurs due to the differences in actual and standard unit cost since the volume of activity is the same
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B) Budget slack
Explanation: Budget slack refers to difference between inflated and realistic standards
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C) Labor usage variance
Explanation: Labor efficiency variance occurs when the actual quantity of direct labor used differs from the standard amount required
D) Standards
Explanation: The per-unit cost standards are composed of quantity and price standards that together give the per-unit cost standard
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E) Ideal Standard
Explanation: Ideal Standard represents the highest level of efficiency
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F) Material price variance
Explanation: Material price variance is difference of actual prices and standard price
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G) Sales volume variance??
Explanation: Sales volume variance?occurs due to difference between sales based on a flexible budget and static budget
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H) Labor price variance
Explanation: Labor rate variance due to the difference of standard pay rate for direct labor
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I) Favorable variance
Explanation: Favorable variance occurs when actual sales exceeds standard sales
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J) Material usage variance
Explanation: Material quantity variance that occurs when the actual amounts of raw materials in production process differ from the standard amounts needed to produce that good
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K) Static budgets
Explanation: Static budgets are based solely on the level of planned activity; remain unchanged even when volume of activity changes.
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L) Cost per unit of input??
Explanation: The cost of one unit of material, labor, or overhead is computed by multiplying the price paid for one unit of material, labor, or overhead input with it's used for one unit of material, labor, or overhead
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