Fill in the blanks with apt word(s)

1. A standard is a ______ estimate of quantities of input, namely, material, labour and other expenses.
2. Standard costs are expressed on a ______ basis.
3. The difference between the actual costs incurred and the standard costs is termed as ______ .
4. The variance accounts at the end of the specified periods are ______ against the cost of the sales accounts.
5. In a standard-costing system, the WIP inventory is ______ with standard costs of products produced.
6. In a standard-costing system, ______ are not taken into account.
7. A standard-costing system is suitable for industries where activities are of ______ in nature.
8. Standards are set for a ______ period.
9. A standard which can be attained under most favourable conditions is known as ______ .
10. A standard established for use over a long term is known as______.
11. The setting of a standard cost requires (i) price and (ii) ______.
12. The volume of output or amount of work to be performed in an hour is called______.
13. The activity ratio measures ______ of the firm.
14. In all variance analysis, ______ variance is to be computed first.
15. Total variance is subdivided into two component variances Price and (ii)______.
16. Variance accounting is a technique uses in standard costing and______.
17. Variances must be expressed in______.
18. Variances may be adverse or______.
19. Material-usage variance = Material______– variance + Material-yield variance.
20. Direct material-cost variance = (______ × Actual output) – (Actual material cost of output).
21. Material-price variance =______(Std price – Actual price).
22. Standard output on actual input =______ × Actual total material input.
23. The direct-labour Efficiency-variance direct labour his poduced= ______ (std Actual direct labour hours).
24. Direct labour-rate variance = ______ (Std wage rate per hour – Actual wage rate per hour).
25. Direct labour-cost variance = ______+ Labour-variance rate + Labour-rate—time variance.
26. Variable-overhead variance = (Std variable-overhead rate x______) – Actual variable overhead.
27. Fixed-overhead variance = (______ × Actual production) – Actual fixed overhead.
28. The divergence between the original standard costs and the revised standard costs is known as
29. Selling-price variance = ______ (Budgeted selling price – Actual selling price).
30. Controllable variances are transferred to ______ A/c while non-controllable variances are to be adjusted against ______.