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110 presented below are terms preceded by letters a through h and followed by a list 4299307

 

110. Presented below are terms preceded by letters a through h and followed by a list of definitions 1 through 8. Enter the letter of the term with the definition, using the space preceding the definition. 

1. Budgetary control 

     Difference in sales or costs, when the actual value is compared to the budgeted value, that contributes to a lower income. 

   

2. Unfavorable variance 

     A report that compares results with fixed budgeted amounts and identifies the differences as favorable or unfavorable variances. 

   

3. Favorable variance 

     The difference between the actual price of an item and its standard price. 

   

4. Overhead cost variance 

     Difference in sales or costs, when the actual value is compared to the budgeted value, that contributes to a higher income. 

   

5. Quantity variance 

     Use of budgets by management to monitor and control the operations of a company. 

   

6. Flexible budget performance report 

     Difference between actual quantity of an input and the standard quantity of the input. 

   

7. Spending variance 

     Difference between the total overhead cost applied to products and the total overhead cost actually incurred. 

   

8. Fixed budget performance report 

     A report that compares actual revenues and costs with their variable budgeted amounts based on actual sales volume (or other level of activity) and identifies the differences as variances. 

   

 

 

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