Match the term with its corresponding definition. Do not give Direct answer kindly explain it one or 2 lines - A. B. C. D. E. F. G. H. I. J. Revenue Price Variance - A. B. C. D. E. F. G. H. I. J. Budget Performance Report - A. B. C. D. E. F. G. H. I. J. Volume Variance - A. B. C. D. E. F. G. H. I. J. Controllable Variance - A. B. C. D. E. F. G. H. I. J. Ideal Standards - A. B. C. D. E. F. G. H. I. J. Direct Labor rate Variance - A. B. C. D. E. F. G. H. I. J. Direct Materials Price Variance - A. B. C. D. E. F. G. H. I. J. Standard Cost Systems - A. B. C. D. E. F. G. H. I. J. Favorable Cost Variance - A. B. C. D. E. F. G. H. I. J. Revenue Volume VarianceA.can be achieved only after perfect operating conditionsB.Difference between actual variable overhead costs and teh budged variable overhead for actual productionC.Caused by a difference in the planned and the actual units sold, assuming no change in units sales price or units costD.Actual rate per hour minus standard rate per hour, multiplied by standard priceE.Enable management to determine how much a product should cost and how much it actually costsF.Occurs when the actual cost is less than the standard costG.Difference between expected revenue and actual revenuesH.Actual quantity minus standard quantity, multiplied by standard priceI.Difference between budged fixed overhead at 100% of normal capacity and the standard fixed overhead for the actual units produced

Answered: G. H. I. J.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An unfavorable activity variance for revenue indicates that activity was less than expected when the master budget was developed. True or False True False
Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
The Flexible-Budget Variance is the sum of a. The static-budget variance and the sales-volume variance b. The sales-volume variance and the efficiency variance c. The price variance and the efficiency variance d. The static-budget variance and the price variance
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B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…
Total variance in variance analysis compares ● Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome
A revenue variance is favorable if the actual revenue exceeds what the revenue should have been for the actual level of activity of the period. Select one: True False
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Gross profit volume variance is derived by A. combining sales and cost of sales variances. B. combining sales volume and cost volume variances. C. deducting cost price variance from gross profit variance. D. deducting sales price variance from gross profit variance.
Which of the following underlying assumptions form(s) the basis for gross profit variance analysis? A. In multi-product organization, the sales mix remains discretionary. B. Sales and costs behave in ainear manner C. All of the choices are assumptions that underlie gross profit variance analysis D. Costs can be categorized as variable

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