Ch 11. - Fill in the Blank

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A(n) __________ occurs when actual expenses exceed budgeted expenses.

unfavorable expense variance

Flexible-budget variances are the variances between the __________ and __________ .

flexible budget; actual results

The fewer inputs used to create outputs, the more the business activity becomes __________

efficient

Standard cost systems value products based on __________

standard costs.

The __________ variance is the difference between the actual variable overhead and the amount of variable overhead budgeted for the actual level of cost-driver activity (for example, direct-labor hours).

variable-overhead spending

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