Fill in the blanks with apt word(s)

- A standard is a ______ estimate of quantities of input, namely, material, labour and other expenses.
- Standard costs are expressed on a ______ basis.
- The difference between the actual costs incurred and the standard costs is termed as ______ .
- The variance accounts at the end of the specified periods are ______ against the cost of the sales accounts.
- In a standard-costing system, the WIP inventory is ______ with standard costs of products produced.
- In a standard-costing system, ______ are not taken into account.
- A standard-costing system is suitable for industries where activities are of ______ in nature.
- Standards are set for a ______ period.
- A standard which can be attained under most favourable conditions is known as ______ .
- A standard established for use over a long term is known as______.
- The setting of a standard cost requires (i) price and (ii) ______.
- The volume of output or amount of work to be performed in an hour is called______.
- The activity ratio measures ______ of the firm.
- In all variance analysis, ______ variance is to be computed first.
- Total variance is subdivided into two component variances Price and (ii)______.
- Variance accounting is a technique uses in standard costing and______.
- Variances must be expressed in______.
- Variances may be adverse or______.
- Material-usage variance = Material______– variance + Material-yield variance.
- Direct material-cost variance = (______ × Actual output) – (Actual material cost of output).
- Material-price variance =______(Std price – Actual price).
- Standard output on actual input =______ × Actual total material input.
- The direct-labour Efficiency-variance direct labour his poduced= ______ (std Actual direct labour hours).
- Direct labour-rate variance = ______ (Std wage rate per hour – Actual wage rate per hour).
- Direct labour-cost variance = ______+ Labour-variance rate + Labour-rate—time variance.
- Variable-overhead variance = (Std variable-overhead rate x______) – Actual variable overhead.
- Fixed-overhead variance = (______ × Actual production) – Actual fixed overhead.
- The divergence between the original standard costs and the revised standard costs is known as
- Selling-price variance = ______ (Budgeted selling price – Actual selling price).
- Controllable variances are transferred to ______ A/c while non-controllable variances are to be adjusted against ______.