Presented Below Are Terms Preceded by Letters a Through H

question 155

Essay

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.
(a)Unfavorable variance
(b)Fixed budget performance report
(c)Overhead cost variance
(d)Efficiency variance
(e)Spending variance
(f)Flexible budget performance report
(g)Quantity variance
(h)Favorable variance
________(1)Results from a comparison of actual cost or revenue to budget that contributes to a lower income.
________(2)A report that compares actual results with the results expected under a fixed budget.
________(3)When management pays an amount different from the standard price to acquire an item.
________(4)Results from a comparison of actual cost or revenue to budget that contributes to higher income.
________(5)Difference in variable overhead when the standard allocation base expected for actual production differs from the actual allocation base.
________(6)Difference between actual quantity of an input and the standard quantity of the input.
________(7)Difference between the total overhead cost applied to products and the total overhead cost actually incurred.
________(8)A report that compares actual performance and budgeted performance based on actual sales volume or other activity level.

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Definitions:

Physical Form

Physical form refers to the tangible appearance or structure of an item, indicating its material composition and physical characteristics.

Long-term

Pertains to assets, liabilities, investments, or obligations that are expected to be resolved or realized beyond one year.

Income Summary

The income summary account is used in the closing process of accounting to summarize revenue and expenses for a specific period, helping determine the net income or loss.

Permanent Account

An account that is not closed at the end of the accounting period and whose balances are carried forward to the next period, such as assets, liabilities, and equity accounts.