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Match the Following Terms with the Definitions Below

Question 71

Matching

Match the following terms with the definitions below.

Premises:

Responses:

A variance that indicates the difference in material cost due to a change in the amount of materials used per unit produced.

Direct labor usage variance

A variance that indicates the difference between the standard price of material and what was actually paid for the material.

Direct labor price variance

A variance that indicates the difference between the standard hours for a particular number of units and the hours actually used in producing the units.

Direct material usage variance

A variance that indicates the difference between the cost of the material purchased and the cost of the material necessary for the units produced.

Direct material inventory variance

A variance that shows the difference between the standard cost of labor for the units produced and the actual cost of the labor incurred on the units produced

Direct material price variance

Premises:

A variance that indicates the difference in material cost due to a change in the amount of materials used per unit produced.

A variance that indicates the difference between the standard price of material and what was actually paid for the material.

A variance that indicates the difference between the standard hours for a particular number of units and the hours actually used in producing the units.

A variance that indicates the difference between the cost of the material purchased and the cost of the material necessary for the units produced.

A variance that shows the difference between the standard cost of labor for the units produced and the actual cost of the labor incurred on the units produced

Responses:

Direct labor usage variance

Direct labor price variance

Direct material usage variance

Direct material inventory variance

Direct material price variance

Correct Answer:

Premises:

Responses:

A variance that indicates the difference in material cost due to a change in the amount of materials used per unit produced.

A variance that indicates the difference between the standard price of material and what was actually paid for the material.

A variance that indicates the difference between the standard hours for a particular number of units and the hours actually used in producing the units.

A variance that indicates the difference between the cost of the material purchased and the cost of the material necessary for the units produced.

A variance that shows the difference between the standard cost of labor for the units produced and the actual cost of the labor incurred on the units produced