Answer:
a. 2, b 8, c. 1, d. 3, e. 4, f. 5, g. 7, h. 6,
Explanation:
(a) <u>The difference between total actual costs and total standard costs is variance</u>. It can happen because of both external and internal factors. Labor variance, materials variance and overhead variances are example of variances.
(b) <u>Normal standards is described as the efficient level of performance which is attainable under expected operating conditions.</u>
(c)<u> Balance scorecard is defined as the approach that incorporates financial and non financial measures in an integrated system that links performance measurement and a company’s strategic goals.</u>
(d) <u>Learning and growth perspective is defined as the viewpoint employed in the balanced scorecard to evaluate how well a company develops and retains its employees.</u>
(e) <u>Non financial measures is described as an evaluation tool that is not based on dollars.</u>
(f) <u>Customer perspective can be defined as the viewpoint employed in the balanced scorecard to evaluate the company from the perspective of those people who buy its products or services.</u>
(g)<u> An optimum level of performance under perfect operating conditions is termed as ideal standards.</u>
(h) <u>A viewpoint employed in the balanced scorecard to evaluate the efficiency and effectiveness of the company’s value chain is called Internal process perspective.</u>
