Match the Variance with Its Correct Calculation

question 36

Multiple Choice

Match the variance with its correct calculation.
-Actual Costs

• A)Actual Quantity × Actual Price
• B)(Actual Hours × Actual Rate) − (Standard Hours × Standard Rate)
• C)(Actual Quantity × Actual Price) − (Standard Quantity × Standard Price)
• D)(Actual Hours − Standard Hours) × Standard Rate
• E)(Actual Price − Standard Price) × Actual Quantity
• F)Standard Quantity × Standard Price
• G)(Actual Rate − Standard Rate) × Actual Hours
• H)(Actual Quantity − Standard Quantity) × Standard Price

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Definitions:

Income Statement

A financial report that shows a company's revenues and expenses over a specific period, culminating in the net income or loss for that period.

Asset

Economic resources owned or controlled by an entity that are expected to produce value.

Liability

Financial obligations or debts a company owes to others.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the owner's claim on the company's assets.