Exercise 8-7 Cost variances LO C2 Presented below are definitions of certain ter

Question

Exercise 8-7 Cost variances LO C2 Presented below are definitions of certain terms. Select the appropriate term from the dropdown list. 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 evaluations if the actual volume difers from the predicted volume, ") | A planning budget based on a single predicted amount of sales or production volume, unsuitable for 3Preset costs for delivering a product, component, or service under normal conditions. A process of examining the differences between actual and budgeted sales or costs and describing them in terms of the amounts that re sulted from price and quantity differences The diference between the total budgeted overhead cost and the overhead cost that was allocated to the predetermined fixed overheadtate.? he actual level A budget prepared based on predicted amounts of revenues and expenses corresponding to the actual level of output The diference between actual and budgeted cost caused by the difference between the actual quantity and the budgeted quantity 8 The combination of both overhead spending vanances (ariable and fixed) and the variable overhead efficiency variance 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

Price Variance

Flexible Budget

Standard costs

Variance analysis

Overhead cost variance

Flexible budget

Quantity variance

Controllable variance

Management by exception

cost variance

When there more than one independent question, only the first question will be answered as per chegg policy

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.