1. A summarized budget for several levels of volume that separates variable costs from fixed costs. a. Flexible budget b. Flexible budget variance c. Sales volume variance 2. A budget prepared for only one level of sales. d. Static budget 3. The difference between an actual amount and the budgeted amount. e. Variance 4. The difference arising because the company actually earned more or less revenue, or incurred more or less cost, than expected for the actual level of output. 5. The difference arising only because the number of units actually sold differs from the static budget units.
1. A summarized budget for several levels of volume that separates variable costs from fixed costs. a. Flexible budget b. Flexible budget variance c. Sales volume variance 2. A budget prepared for only one level of sales. d. Static budget 3. The difference between an actual amount and the budgeted amount. e. Variance 4. The difference arising because the company actually earned more or less revenue, or incurred more or less cost, than expected for the actual level of output. 5. The difference arising only because the number of units actually sold differs from the static budget units.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Matching terms
Match each term to the correct definition.
Transcribed Image Text:1. A summarized budget for several levels of volume
that separates variable costs from fixed costs.
a. Flexible budget
b. Flexible budget variance
c. Sales volume variance
2. A budget prepared for only one level of sales.
d. Static budget
3. The difference between an actual amount and the
budgeted amount.
e. Variance
4. The difference arising because the company actually
earned more or less revenue, or incurred more or less
cost, than expected for the actual level of output.
5. The difference arising only because the number of
units actually sold differs from the static budget
units.
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