the differences between the standard and actual amounts are called variances. true or false
Answer : True
The difference between the standard and actual amounts are called variances.
the differences between the standard and actual amounts are called variances. true or false
Difference between budgeted amounts and actual results is
classified as
Difference between budgeted amounts and actual results is classified as Pick a choice: budgeting deviation budgeting variances budgeting gap budgeting differences budgeting discrepancies
Significant deviations between actual and budget amounts could identify and help resolve problems. True False
True or False: Price and efficiency variances can be computed without using standard costs. True False
True or False: Price and efficiency variances can be computed without using standard costs. a. True b. False True or False: In general, when two users share a facility such as a mailroom, the primary user would prefer that the common costs be allocated under the incremental method. a. True b. False
Planning to purchase materials in bulk amounts will affect the standard price for direct materials. True False Health insurance and other benefits are part of the calculation of the standard price for direct labor. True False Variable overhead is generally combined with fixed overhead in standard costing. True False The flexible budget variance is equal to the difference between actual costs incurred and budgeted costs. True False
Volume variances examine differences between a.the static budget and actual costs. b.the static budget and the rolling budget. c.the flexible budget and static budget. d.None of these choices are correct.
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A. flexible budget B. planning budget C. actual results D. all of these E. none of these 18. When computing standard cost variances, the difference between actual and standard prices yields a(n): A. actual results B. volume variance C. price variance D. quantity variance E. none of these
Which of the following statements about direct material variances are likely to be true? Differences between the actual production level and budgeted (expected) production level is NOT a reason why direct materials quantity (or efficiency) variances arise. A direct materials quantity (or efficiency) variance can arise due to factors outside the production manager's control A direct materials quantity (or efficiency) variance will arise if the organisation manages to negotiate a better price for its materials compared to what it had...
Variances are the difference between standards and the actual results. How are the standard costs developed? What are the ideal practical standards? Which is better. Please provide an example
True or False 1.Actual sales rarely match budgeted sales in the master budget. 2.Standard costs are used to establish the flexible budget for direct labor. 3.The cause of one variance might influence another variance. 4.Management by exception is a term used to describe managers who look at all variances, regardless of the amount. 5.Favorable variances are recorded with a credit to the appropriate variance account.