points The "spending variance" is the difference between actual costs and planning budget costs. True False 8 5 points A company has the following information: Revenues - Planning Budget $50,000 Costs - Planning Budget $45,000 Revenues - Flexible Budget $55,000 Costs - Flexible Budget $50,000 Revenues - Actual $52,000 Costs - Actual I $48,000 The revenue variance is $2,000 favorable $2,000 unfavorable $3,000 favorable $3,000 unfavorable

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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The "spending variance" is the difference between actual costs and planning budget costs.
True
False
8
5 points
A company has the following information:
Revenues - Planning Budget
$50,000
Costs - Planning Budget
$45,000
Revenues - Flexible Budget
$55,000
Costs - Flexible Budget
$50,000
Revenues - Actual
$52,000
Costs - Actual
I
$48,000
The revenue variance is
$2,000 favorable
$2,000 unfavorable
$3,000 favorable
$3,000 unfavorable
Transcribed Image Text:points The "spending variance" is the difference between actual costs and planning budget costs. True False 8 5 points A company has the following information: Revenues - Planning Budget $50,000 Costs - Planning Budget $45,000 Revenues - Flexible Budget $55,000 Costs - Flexible Budget $50,000 Revenues - Actual $52,000 Costs - Actual I $48,000 The revenue variance is $2,000 favorable $2,000 unfavorable $3,000 favorable $3,000 unfavorable
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