The sales volume variance is the difference between the OA. actual results and the expected results in the flexible budget for the actual units sold B. flexible budget and static budget due to differences in fixed costs C. static budget and actual amounts due to differences in sales price D. expected results in the flexible budget for the actual units sold and the static budget

The sales volume variance is the difference between the OA. actual results and the expected results in the flexible budget for the actual units sold B. flexible budget and static budget due to differences in fixed costs C. static budget and actual amounts due to differences in sales price D. expected results in the flexible budget for the actual units sold and the static budget

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 17MC: When is the direct labor time variance unfavorable? A. when the actual quantity used is greater than...

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A flexible budget______. A. predicts estimated revenues and costs at varying levels of production B. gives actual figures for selling price C. gives actual figures for variable and fixed overhead D. is not used in overhead variance calculations
The budget variance for variable production costs is broken down into quantity and price variances. Explain why the quantity variance is more useful for control purposes than the price variance.
The variable overhead efficiency variance is caused by the difference between which of the following? A. actual and budgeted units B. actual and standard allocation base C. actual and standard overhead rates D. actual units and actual overhead rates
When is the direct labor time variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
What are some possible reasons for a material price variance? A. substandard material B. labor rate increases C. labor rate decreases D. labor efficiency
A favorable cost variance occurs when a. actual costs are the same as standard costs b. actual costs are more than standard costs c. standard costs are less than actual costs d. standard costs are more than actual costs Contribution margin is a. another term for volume in the "cost-volume-profit" analysis b. the same as sales revenue c. the excess of sales revenue over variable cost d. profit Which of the graphs in Figure 5-1 illustrates the nature of a mixed cost? a. Graph 2 b. Graph 4 c. Graph 1 d. Graph 3
Identify the cause of an unfavorable variance in profit. a.Actual labor cost is lower than budget b.Actual sales volume is higher than budget c.Actual material cost is higher than budget d. Actual sales price is higher than budget Explain
An adverse cost variance occurs when actual cost is:a) more than budgeted cost at actual volumesb) less than budgeted cost at actual volumesc) the same as than budgeted cost at estimated volumesd) more than budgeted cost at estimated volumes
TRUE OR FALSE Production volume variance is adjusted to the cost of goods sold to get the cost of goods ed at actual under variable costing method.
Variance analysis the process of computing the difference between Select one: a. Standard cost and variable cost b. Fixed cost and actual cost c. None of the above O d. Standard cost and actual cost
An unfavorable flexible budget variance in variable costs suggests a(n) ________. A. increase in sales price per unit B. increase in variable cost per unit C. decrease in fixed costs D. decrease in sales volume
Which of the following is NOT true? Multiple Choice An activity variances describes the cost difference due to producing more/less units than expected. An unfavorable expense activity variance is bad. A spending variance can be divided into a price and quantity variance A spending variance describes the cost difference due to spending more/less to make a unit than expected.