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controllable variances are transferred to a c while non controllable variances are t 608639

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 ______.

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