Weygandt, Managerial Accounting, 7e Blackboard: Towson University: Weygandt, Managerial Accos e: 04:12 PM/Remaining 106 min CALOVATO Question 1 Match the following statements to the apprepriate terms. The difference between actual rhead incurred and overhead budgeted for the standard hours alowed. The hours that should have been worked for the units produced. The difference between the actual quantity times the actual price and the actual quantty times the standard price The difference between total actual cests and total standard costs The difference between actual hours times the standard rate and standard hours times the standard rate. Predetermined unit costs that are measures of performance The difference between normal capacty hours and standard hours allowed times the fived overhead rate. Standards based on an efficient level of pertermance that are attainable under expected operating conditions Standards based on the optimum level of performance under perfect operating conditions A double-entry system of accounting in which standard costs are used in making entries and variances are recognized in the accounts. Question Attempts: 0 of 1 used FW E10 3 4 7 5 CALCULATOR 04:12 PM/Remaining: 91 min Question 1 Match the following statementts to the appropriate terms. The difference between actual overhead incurred and overhead budgeted for the standard hours allowed. Labor quantity variance The hours that should have been worked for the units produced. Normal standards Standard hours allowed The difference between the actual quantity times the actual price and the actual quantity times the standard price. The difference between total actual costs and total standard costs. Variances Standard costs Standard cost accounting system ideal standards Materials price variance Overhead controllable variance The difference between actual hours times the standard rate and standard hours times the standard rate. Predetermined unit costs that are measures of performance. The difference between normal capacity hours and standard hours allowed times the fixed overhead rate Overhead volume variance Standards based on an efficient level of performance that are attainable under expected operating conditions Standards based on the optimum level of performance under perfect operating conditions. A double-entry system of accounting in which standard costs are used in making entries and variances are recognized in the accounts Question Attempts: 0 of 1 used SUBE