Match the term with its corresponding definition. Do not give Direct answer kindly explain it one or 2 lines - A. B. C. D. E. F. G. H. I. J. Revenue Price Variance - A. B. C. D. E. F. G. H. I. J. Budget Performance Report - A. B. C. D. E. F. G. H. I. J. Volume Variance - A. B. C. D. E. F. G. H. I. J. Controllable Variance - A. B. C. D. E. F. G. H. I. J. Ideal Standards - A. B. C. D. E. F. G. H. I. J. Direct Labor rate Variance - A. B. C. D. E. F. G. H. I. J. Direct Materials Price Variance - A. B. C. D. E. F. G. H. I. J. Standard Cost Systems - A. B. C. D. E. F. G. H. I. J. Favorable Cost Variance - A. B. C. D. E. F. G. H. I. J. Revenue Volume VarianceA.can be achieved only after perfect operating conditionsB.Difference between actual variable overhead costs and teh budged variable overhead for actual productionC.Caused by a difference in the planned and the actual units sold, assuming no change in units sales price or units costD.Actual rate per hour minus standard rate per hour, multiplied by standard priceE.Enable management to determine how much a product should cost and how much it actually costsF.Occurs when the actual cost is less than the standard costG.Difference between expected revenue and actual revenuesH.Actual quantity minus standard quantity, multiplied by standard priceI.Difference between budged fixed overhead at 100% of normal capacity and the standard fixed overhead for the actual units produced

Answered: G. H. I. J.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Match the term with its corresponding definition. Do not give Direct answer kindly explain it one or 2 lines

- A. B. C. D. E. F. G. H. I. J.	Revenue Price Variance
- A. B. C. D. E. F. G. H. I. J.	Budget Performance Report
- A. B. C. D. E. F. G. H. I. J.	Volume Variance
- A. B. C. D. E. F. G. H. I. J.	Controllable Variance
- A. B. C. D. E. F. G. H. I. J.	Ideal Standards
- A. B. C. D. E. F. G. H. I. J.	Direct Labor rate Variance
- A. B. C. D. E. F. G. H. I. J.	Direct Materials Price Variance
- A. B. C. D. E. F. G. H. I. J.	Standard Cost Systems
- A. B. C. D. E. F. G. H. I. J.	Favorable Cost Variance
- A. B. C. D. E. F. G. H. I. J.	Revenue Volume Variance

A.	can be achieved only after perfect operating conditions
B.	Difference between actual variable overhead costs and teh budged variable overhead for actual production
C.	Caused by a difference in the planned and the actual units sold, assuming no change in units sales price or units cost
D.	Actual rate per hour minus standard rate per hour, multiplied by standard price
E.	Enable management to determine how much a product should cost and how much it actually costs
F.	Occurs when the actual cost is less than the standard cost
G.	Difference between expected revenue and actual revenues
H.	Actual quantity minus standard quantity, multiplied by standard price
I.	Difference between budged fixed overhead at 100% of normal capacity and the standard fixed overhead for the actual units produced

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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