Write the Correct Meaning for ID

question 98

Short Answer

Write the correct meaning for ID:

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Definitions:

Variable Overhead Efficiency Variance

The difference between the budgeted and actual variable overhead costs, attributable to differences in the efficiency of utilizing resources.

Variable Overhead Rate Variance

The discrepancy between the actual incurred variable overhead and the anticipated variable overhead as per standard costing.

Lubricants

Substances that are applied to surfaces to reduce friction and wear between moving parts.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected variable overhead based on the predetermined overhead rate.