| A) | Documents that compare actual results to planned objectives.
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| B) | The quantity of material that is expected to be lost due to normal inefficiencies or waste associated with a manufacturing process; used when setting a standard cost for a process.
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| C) | The difference between two dollar amounts of fixed overhead cost. The first amount equals the total budgeted overhead cost. The second number is the overhead cost allocated to products using the predetermined fixed overhead rate.
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| D) | The difference between the actual price of an overhead item and its standard price
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| E) | A deviation from the budget that contributes to a higher income.
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| F) | The use of budgets by management to monitor and control the operations of a company.
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| G) | An internal report that helps management analyze the difference between actual performance and budgeted performance based on the actual sales volume (or other level of activity); presents the differences between actual and budgeted amounts as variances.
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| H) | The difference between the actual incurred cost and the standard amount.
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| I) | A budget prepared after an operating period is complete to help managers evaluate past performance; uses fixed and variable costs in determining total costs.
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| J) | The costs that should be incurred under normal conditions to produce a specific product or component or to perform a specific service.
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| K) | Efficiency variance indicates how efficiently inputs are used, and is computed as the standard price per unit times the difference between the actual quantity used and the standard quantity that should be used for actual output.
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| L) | An internal report that compares actual revenue and cost amounts with fixed budgeted amounts and identifies the differences between them as favourable or unfavourable variances.
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| M) | Both overhead spending variances (variable and fixed), and the variable overhead efficiency variance combined together.
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| N) | A process of examining the differences between actual and budgeted revenues or costs and describing them in terms of the amounts that resulted from price and quantity differences.
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| O) | A deviation from the budget that contributes to a lower income.
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| P) | A planning budget based on a single predicted amount of sales or production volume; unsuitable for evaluations if the actual volume differs from the predicted volume.
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| Q) | An analytical technique used by management to focus on the most significant variances and give less attention to areas where performance is close enough to the standard to be satisfactory.
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| R) | The difference between the total overhead cost applied to products and the total overhead cost actually incurred at the end of a cost period.
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| S) | A difference between actual and budgeted revenue or cost caused by the difference between the actual price per unit and the budgeted price per unit.
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| T) | The difference between actual and budgeted revenue or cost caused by the difference between the budgeted and actual number of units sold or inputs used.
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