Presented Below Are Terms Preceded by Letters a Through J

Short Answer

Presented below are terms preceded by letters a through j and followed by a list of definitions 1 through 10. Enter the letter of the term with the definition, using the space preceding the definition.
(a) Cost variance
(b) Volume variance
(c) Price variance
(d) Quantity variance
(e) Standard costs
(f) Controllable variance
(g) Fixed budget
(h) Flexible budget
(i) Variance analysis
(j) Management by exception
________ (1) Occurs when there is a difference between the actual and standard volume of production.
________ (2) A planning budget based on a single predicted amount of sales or other activity measure.
(3) Preset costs for delivering a product, or service under normal conditions.
________ (4) A process of examining differences between actual and budgeted sales or costs and describing them in terms of the price and quantity differences.
________ (5) The difference between actual price per unit of input and standard price per unit of input.
________ (6) A budget prepared based on several different amounts of sales, often including a best-case and worst-case scenario.
________ (7) The difference between actual quantity of input used and standard quantity of input used.
________ (8) The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget.
________ (9) A management process to focus on significant variances and give less attention to areas where performance is close to the standard.
________ (10) The difference between actual and standard cost.