Study4smart Quality review Materials

160. _________________________are preset costs for delivering a product or service under normal conditions. 161. Companies promoting continuous improvement strive to achieve _________________________________________________________ standards by eliminating inefficiencies and waste. 162.A standard that takes into account the reality that some loss usually occurs with any process under normal application of the process is known as a __________________________________________________ standard.

163.Differences between actual costs and standard costs are known as _________________ . These differences may be subdivided into ___________________ and ______________ . 1 64.Direct materials variances are called price and quantity variances. However, when referring to direct labor, these variances are usually calledand _______________________________________________ variances. 165.In the analysis of variances, management commonly focuses on four categories of production costs: _____________ cost, ______________ cost; ____________________ cost; and cost.

166.A management approach that emphasizes significant differences from plans is known as . 167.A fixed budget is also called a ______________ budget. 168.A favorable variance for a cost means that when compared to the budget, the actual cost is ___________________ than the budgeted cost.

169.A flexible budget is also called a ________________ budget activities. 171.The difference between the actual sales and the flexible budget sales is called the variance.

170.A _______________________ contains relevant informatio

172.The difference between the flexible budget sales and the fixed budget sales is called the variance.

173.In preparing flexible budgets, the costs that remain constant in total are _______________ costs. Those costs that change in total are ________________ costs. 174.If actual price per unit of materials is greater than the standard price per unit of materials, the direct materials price variance is . 175.The difference between the actual overhead cost incurred and the standard overhead applied is the . 176.The sum of the variable overhead spending variance, the variable overhead efficiency variance, the fixed overhead spending variance is the. 177.The fixed overhead variance can be broken down into the ______________________________________________________________ variance and the variance.

178.At the end of the accounting period, immaterial variances are closed to ______________________________________________________________.