$(6$ points$)$ Match the terms on the left with its definition on the right. Place the letter found at the

left of the Definition on the line to the left of the correct Term that matches the Definition. There is

only one correct answer for each Term, select the Definition you believe to be most correct.

Flexible Budget

Sales Volume Variance

Standard Cost

Overhead Flexible Budget

Variance

Overhead Spending

Variance

Ideal Standard

Definition

A$.$ The cost that should be

incurred for an activity.

B$.$ Actual overhead cost and

overhead costs based on

output.

C$.$ Reflects maximum

efficiency.

D$.$ Adjusts revenues and costs

to reflect varying levels of

output activity.

E$.$ The difference between the

flexible budget amount and

the master budget amount.

F$.$ Actual overhead cost and

overhead costs based on

inputs.$(6$ points$)$ Match the terms on the left with its definition on the right. Place the letter found at the left of the Definition on the line to the left of the correct Term that matches the Definition. There is only one correct answer for each Term, select the Definition you believe to be most correct. Flexible Budget