Answered: Total variance in variance analysis…

Name: Total variance in variance analysis compares● Flexible budget and act
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Total variance in variance analysis compares● Flexible budget and actual outcomeStatic budget and flexible budgetFlexible budget and static outcomeStatic budget and actual outcome

Business

Accounting

Total variance in variance analysis compares O Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

When analyzing an organization's budget using 2-variance analysis, the 2 elements used are volume variance and: Select one: a. quantity variance b. price variance c. applied variance O d. budget variance
K Purchasing a greater quantity of raw materials than budgeted, but paying the Standard OA. Materials quantity variance B. Materials price variance C. Both of the variances may be affected D. Neither of the variances may be affected
Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A 1 Chapter 9: Applying Excel 2 3 4 Data Revenue 5 Cost of ingredients 6 Wages and salaries 7 Utilities 8 Rent 9 10 11 Actual results: 12 Revenue 13 Cost of ingredients 14 Wages and salaries 15 Utilities 16 Rent 17 18 19 20 Actual activity Miscellaneous Miscellaneous Planning budget activity $ $ $ $ $ GA $ $ GA B 10,400 800 2,200 600 30,295 11,110 10,310 1,210 2,200 2,060 C + + 1,700 meals served 1,800 meals served $ $ $ $ D 16.50 q 6.25 q 0.20 q 0.80 q E
Which one of the following is the variance that deals with under or over achievement of budgeted direct labour hours? A. Direct labour usage variance B. Direct labour time variance C. Direct labour efficiency variance D. Direct labour rate variance
Subject:
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $22.500 unfavorable $27.500 unfavorable $22,500 favorable $50,000 favorable $ 14 per finished unit $ 322,500 150,000 Kilogram
Why Fixed Overhead Volume Variance is said to be a favorable variance when the actual output is more than the budgeted output?
which formula is correct for budget variance. Please see below: * Static Budget Variance =(Static Budget-Actual) Flexible Budget Variance = (Flexible Budget-Actual) * Static Budget Variance =(Actual- Static Budget-) Flexible Budget Variance = (Actual- Flexible Budget) Please make it more clear do I need to subtract budget from actual or actual from budget?
In what fundamental ways does activity-based costing - 3: differ from traditional costing methods? Q– 4: What is meant by the term variance? Q - 5: what is a flexible budget and how does it differ from a static budget? Also explain characteristics' of flexible budget.
c. What is spending variance for wages and salaries? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for wages and salaries d. What is spending variance for total expenses? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for total expenses
In general, variance analysis is said to provide information about _________ and __________ variances.
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