Match Each of the Following Terms with Their Correct Description

question 1

Multiple Choice

Match each of the following terms with their correct description from the items listed below.* Each term may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Difference between actual and budgeted fixed overhead

• A)Variable overhead efficiency variance
• B)Activity flexible budget
• C)Fixed overhead volume variance
• D)Variable overhead spending variance
• E)Flexible budget variance
• F)Flexible budget
• G)Static budget
• H)Activity-based budgeting
• I)Performance report
• J)Fixed overhead spending variance

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Definitions:

Chart of Accounts

A systematic list of all account titles and numbers used by a company, organized to support the recording of transactions.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to verify that the ledger accounts are correctly balanced.

Ledger Balances

The current totals in ledger accounts, reflecting all transactions up to a given point in time.

Trial Balance

An accounting report that lists the balances of all ledgers accounts to verify that total debits equal total credits.