Terms to Learn

The chapter and the Glossary at the end of the text contain definitions of the following important terms:

1. denominator level
2. denominator-level variance
3. fixed overhead flexible-budget variance
4. fixed overhead spending variance
5. operating-income volume variance
6. production-volume variance
7. standard costing
8. total-overhead variance
9. variable overhead efficiency variance
10. variable overhead flexible-budget variance
11. variable overhead spending variance