On the Line in Front of Each Statement,enter the Letter

question 169

Short Answer

On the line in front of each statement,enter the letter corresponding to the term that best fits
that statement.An item may be used more than once or not at all.
A.Price variance
B.Production volume variance
C.Flexible budget variance
D.Standard cost
E.Variance
____ The difference between an actual result and a flexible budget amount for the actual output
____ The difference between an actual amount and the corresponding budgeted amount
____ The difference between the actual and standard unit price of input,multiplied by the actual quantity of input
____ The difference between the overhead cost in the flexible budget for actual production and the standard overhead cost allocated to production
____ A carefully predetermined cost that usually is expressed on a per unit basis

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Definitions:

Documentation Procedures

The protocols and guidelines for preparing and handling documents and records in a systematic manner.

Segregation Of Duties

An internal control measure that splits responsibilities among multiple people to reduce the risk of error or fraud within an organization.

Physical Controls

Security measures implemented to protect tangible assets, including locks, security guards, and surveillance systems.

Human Resource Controls

Procedures and practices implemented in an organization to manage human resources efficiently, ensure compliance with regulations, and protect the assets of the company.