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Quality review Materials

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160. _________________________ are preset costs for delivering a product or service under normal

conditions.

161. Companies promoting continuous improvement

strive to achieve _________________________________________________________ standards by

eliminating inefficiencies and waste.

162.A standard that takes into account the reality that

some loss usually occurs with any process under normal application of the process is known as a

__________________________________________________ standard.

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163.Differences between actual costs and standard costs are known as _________________ . These

differences may be subdivided into ___________________ and ______________ .

1 64.Direct materials variances are called price and

quantity variances. However, when referring to direct labor, these variances are usually calledand

_______________________________________________ variances.

165.In the analysis of variances, management

commonly focuses on four categories of production costs: _____________ cost,

______________ cost; ____________________ cost; andcost.

166.A management approach that emphasizes significant differences from plans is known as

.

167.A fixed budget is also called a ______________ budget.

168.A favorable variance for a cost

means that when compared to the budget, the actual cost is ___________________ than the budgeted cost.

169.A flexible budget is also called a ________________ budge

170.A _______________________ contains relevant informatiactivities.

171.The difference between the

actual sales and the flexible budget sales is called the

variance.

172.The difference between the flexible budget sales and the fixed budget sales is called thevariance.

173.In preparing flexible budgets, the costs that remain constant in total are _______________ costs. Those

costs that change in total are ________________ costs.

174.If actual price per unit of materials is greater

than the standard price per unit of materials, the direct materials price variance is .

175.The difference between the actual

overhead cost incurred and the standard overhead applied is the .

176.The sum of the variable overhead spending

variance, the variable overhead efficiency variance, the fixed overhead spending variance is the .

177.The fixed overhead variance can be broken down

into the ______________________________________________________________ variance and thevariance.

178.At the end of the accounting period, immaterial

variances are closed to ______________________________________________________________ .

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