Match Each of the Following Terms with Their Correct Description

question 19

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.
-Actual price of inputs is greater than the standard price.

• A)Quantity standards
• B)Ideal standards
• C)Price standards
• D)Standard cost sheet
• E)Upper control limit
• F)Currently attainable standards
• G)Kaizen standards

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Definitions:

Variable Overhead Efficiency Variance

The difference between the standard cost of variable overhead allocated to production and the actual variable overhead incurred, based on the efficient use of the allocation base, such as labor-hours.

Standard Activity

A benchmark level of activity or performance against which actual outcomes can be measured.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead to products or job orders, calculated before the period begins based on expected costs and activity levels.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected for the work performed, multiplied by the standard hourly labor rate, indicating efficiency in labor use.