Presented below are definitions of certain terms. Select the appropriate term fr

Question

Presented below are definitions of certain terms. Select the appropriate term from the dropdown list. 1. 2. 3. Preset costs for delivering a product, component, or service under normal conditions. The difference between actual and budgeted sales or cost caused by the difference between the actual price per unit and the budgeted price per unit. A planning budget based on a single predicted amount of sales or production volume; unsuitable for evaluations if the actual volume differs from the predicted volume. A process of examining the differences between actual and budgeted sales or costs and describing them in terms of the amounts that resulted from price and quantity differences The difference between the total budgeted overhead cost and the overhead cost that was allocated to products using the predetermined fixed overhead rate 5. A budget prepared based on predicted amounts of output. The difference between actual and budgeted cost caused by the difference between the actual quantity and the budgeted quantity of revenues and expenses corresponding to the actual level 7 B. The combination of both overhead spending variances (variable and fixed) and the variable overhead efficiency variance. o A management process to focus on significant variances and give less attention to areas where performance is close to the standard. 10 The difference between actual cost and standard cost, made up of a price variance and a quantity variance

Explanation / Answer

Please find the relevant term for the given sentence as below:-

1. Price Variance

2.Standard cost

3.Fixed Budget

4.Variance analysis

5. Volume variance

6. Flexible budget

7. Quantity variance

8.Controllable variance

9.Managment by exceptions

10.Cost variance

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