Match each of the following phrases with the term it describes.

a. Summarizes actual costs, standard costs, and the differences for units produced
b. Actual cost > standard cost at actual volumes
c. Actual cost < standard cost at actual volumes
d. Currently attainable standard
e. Theoretical standard

1. Favorable cost variance
2. Normal standard
3. Ideal standard
4. Budget performance report
5. Unfavorable cost variance

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Tundexi Tundexi · Answer 1 · 2021-05-23T02:37:46+02:00

Answer:

a. Phrase: Summarizes actual costs, standard costs, and the differences for units produced

Terms it describes: Budget performance report

b. Phrase: Actual cost > standard cost at actual volumes

Terms it describes: Unfavorable cost variance

c. Phrase: Actual cost < standard cost at actual volumes

Terms it describes: Favorable cost variance

d. Phrase: Currently attainable standard

Terms it describes: Normal standard

e. Phrase: Theoretical standard

Terms it describes: Ideal standard