The process of creating a formal plan and translating goals into quantitative form is Process costing Activity-based costing Budgeting Variance analysis

Q: Develop the link between estimation, budget, variance, project and schedule

A: All these five terms are interlinked and are inter-connected. All these terms important in the…

Q: Direct Materials and Direct Labor Variance Analysis

A: a. Determine standard cost per unit Direct material standard cost per unit = Std. number of lbs of…

Q: Please explain why the timing of the direct materials purchases should be closely coordinated with…

A: Budgets:- Budget is referred as the financial plan of revenue and expenses pf particular company on…

Q: Differentiate between the mechanisms of an “actual costing” budgetary system against a “normal…

A: Budgetary system is the system which is applied by the company in order to be on track and within…

Q: Which of the following departments is most likely responsible for the price variance in direct…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: significant of variance analysis in cost management.

A: Variance analysis is a tool in cost management to compare and analyze variations in budgeted costs…

Q: hat ty

A: Variance analysis is a summary statement which demonstrate the difference between planned…

Q: This type of standard specify how much should be paid for the quantity of the input to be used.…

A: A standard cost is a predetermined cost which determine unit of product or service rendered during…

Q: The use of standard costs in pricing and budgeting is quite valuable since decisions in the fields…

A: Solution 3- The use of standard costs in pricing and budgeting Standard costs are useful in setting…

Q: A company using direct costing in its performance evaluation would normally include the following…

A: The answer is stated below:

Q: Explain what is meant by the term management by exception. What is the relationship between the…

A: Management by exception: Under this style of management, employees are allowed to take decisions…

Q: The use of standard costs in pricing and budgeting is quite valuable  since decisions in the fields…

A: Standard cost is the cost which is predetermined and which is expected to be incurred during the…

Q: An activity variance is calculated by comparing the: Multiple Choice planning budget to the actual…

A: Activity variance measures the difference between planning budget and the flexible budget.…

Q: Describe how flexible-budget variance analysis can be used in the control of costs of activity…

A: Flexibe-budget variance:

Q: Which of the following represents a proper sequencing (correct order) in which the budgets below a…

A: Budget is the term which is defined as the estimation of revenues as well as expenses over the…

Q: How are budget variances calculated and used as performance measures? Provide numerical example?

A: budget is the predefined calculations that provide the plan of using the resources and generating…

Q: define control andhow budget use in control

A: Budgets are prepared by an organization to estimate the revenues from different projects and the…

Q: 1) Explain how standard costs are established? How do managers evaluate performance using cost…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The performance evaluation of a cost center is typically based on its a. sales volume variance. b.…

A:

Q: Compute the price and efficiency variances of direct materials and direct manufacturing

A: Standard costing  - This is the method of costing where standard is determined and then its compared…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Which method is used to see if a relationship between the cost driver and total cost exists?…

A: Cost drivers means activity units that will cause change in total cost for example, number of…

Q: Prepare variance analysis for materials, labor and overhead

A: Variance analysis can be defined as investigation tool which studies the deviation between the…

Q: Required: the variance analysis for labor.

A: 1. Direct labor Variance = (standard rate x Standard hrs for actual output) - (Actual rate x Actual…

Q: Prepare a flexible budget management report indicating the activity variance and revenue and…

A: A flexible budget adjusts to changes in actual revenue levels. Actual revenues or other activity…

Q: standard cost

A: Standard cost systems are cost accounting systems in which standard is set for each item of cost and…

Q: Distinguish between the control purpose and the productcosting purpose of standard costing and…

A: Flexible Budget: A flexible budget is a budget that is prepared for different levels of the output.…

Q: Topic: Standard Costing and Variance Analysis Question: Create a concept map which discusses on the…

A: Standard Costing and Variance Analysis Always Standard  compared with Actual Result either…

Q: What should be the organizational purpose for identifying and calculating variances?

A: Management accounting:   It is the process of preparing the reports of a business operations helping…

Q: Explain how standard costs are established? How do managers evaluate performance using cost variance…

A: Standard costs are those predetermined costs which the company is expected to incur on goods or…

Q: [1] The purpose of identifying manufacturing variances and assigning their responsibility to a…

A: The variance shows the comparison of standard performance and actual performance of the company. It…

Q: Discuss the techniques that can be applied to obtain relevant and accurate cost estimates.

A: The question is based on the concept of cost estimation, which is one the most important parameter…

Q: To determine the spending variance amount, compute the difference between the amount of the cost in…

A: The flexible budget performance report is prepared to compare actual results, flexible budget and…

Q: Which of the following is the basic purpose of a responsibility accounting?a. variance analysisb.…

A: Definition: Responsibility accounting: The management of responsibility centers by the means of…

Q: . The use of standard costs in pricing and budgeting is quite valuable since decisions in the fields…

A: Standard costs are estimates of the actual costs in a company’s production process, because actual…

Q: What types of variances are found on cost center reports? Explain what each variance is measuring…

A: The variances found in the cost center report are determined by measuring actual performance against…

Q: In the executing stage of management cycle, managers check for variances, between budgets and actual…

A: The primary objective of Executing phase is to construct deliverables as per the master project plan…

Q: The accounting relates to assortment, classification and measurement of cost for analyzing methods/…

A: There are several types of accounting made for different users.

Q: Explain how to calculate static budget variance.

A: Static budget: Static budget is a master budget that is prepared for only one level of sales…

Q: a. Allocate the budgeted overhead costs to the products.

A: Compute the pre-determined overhead rate.

Q: in preparing variance analysis for both variable overhead and fixed overhead costs, both include…

A: The answer for the theory question on Spending variances is discussed hereunder :

Q: Why is target costing most effectively applied at the researchand development and production process…

A: