Match the Following Formulas or Descriptions with the Term A-E

question 13

Multiple Choice

Match the following formulas or descriptions with the term a-e it defines.
-Actual direct hours - Standard direct hours × Standard rate per hour

• A)Direct materials price variance
• B)Direct labor rate variance
• C)Direct labor time variance
• D)Direct materials quantity variance
• E)Budgeted variable factory overhead

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Definitions:

Decrease Assets

A reduction in the total value of assets owned by an entity, occurring through expenses, losses, asset disposals, or using up assets in operations.

Financial Statement

Formal records of the financial activities and position of a business, person, or other entity, which include the balance sheet, income statement, and cash flow statement.

Income Statement

A report detailing a business's earnings, expenditures, and overall profit or loss for a certain timeframe.

Balance Sheet

A financial briefing that condenses the assets, liabilities, and equity shares of a business at a designated point in time.