Which of the following may appear on a flexible budget performance report? Multiple Choice An unfavorable spending variance. An unfavorable activity variance. All of the above may appear on a flexible budget performance report. A favorable revenue variance.

Which of the following may appear on a flexible budget performance report? Multiple Choice An unfavorable spending variance. An unfavorable activity variance. All of the above may appear on a flexible budget performance report. A favorable revenue variance.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 4MC: This variance is the difference involving spending more or using more than the standard amount. A....

See similar textbooks

Related questions

Q: When actual performance varies from the budgeted performance, managers will be more a. likely revise…

A: Solution: When actual performance varies from the budgeted performance, managers will be more…

Q: Required a. & b. Determine the flexible budget variances and also indicate the effect of each…

A: A flexible budget is one that allows for easy changes in input variables over time. Flexible Budget…

Q: The labor flexible budget/spending variance amounts to P Indicate in your solution sheet whether it…

A: Flexible budget is that budget which changes with change in activity level. Labour flexible budget…

Q: Which type of variance causes operating income to be greater than the budgeted operating income?…

A: The variance causes the operating income to be greater than the budgeted operating income is:

Q: When using a standard cost system what term is used to denote that the actual cost is less than the…

A: Standard cost is calculated using estimated amounts. If the actual cost is less than the standard…

Q: A Favorable Variance results when (check all that apply) a. Actual costs exceed Budgeted costs…

A: While calculating variances, for costs - If actual costs are lower than the budgeted costs then it…

Q: Explain the relationship between performance reports and flexible budgeting.

Q: What can you tell me about variance, as it concerns fixed or variable budgets? What is favorable…

A: The question is related to Standard costing and Budgetory Comtrol. Variance may be defined as the…

Q: Which one of the following statements regarding the difference between a flexible budget and a…

A: A flexible budget provides cost allowances for different levels of activity, but a static budget…

Q: Responsibility reports should be simple, show variances between the budgeted and actual amounts of…

A: Responsibility reports is a system of preparation of reports for each level of responsibility in the…

Q: 1. What is meant by the total operating-income variance for a given accounting period? What…

A: 1. Explain the meaning of total operating income variance for the given accounting period, and state…

Q: How can the total flexible-budget variance be broken down (i.e., what are the constituent parts of…

A: Flexible-budget variance is the variation between the budgeted results shown under flexible budget…

Q: Explain the term flexible budget variance.

A: Flexible Budget: It is a type of budget that changes based on the volume of business activity.…

Q: What assumption is implicitly made about cost behavior when actual results are directly compared to…

Q: In comparison to static budgets, flexible budgets: Offer managers a more realistic comparison of…

A: Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

Q: A statistical control chart is best used for determining: A. direct-material price variances. B.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Accounting How is price variance for room sales calculated? Which two components can the flexible…

A: Standard costing is the process of replacing an actual cost in the accounting records with a…

Q: What limits the usefulness to managers of fixed budget performance reports?

Q: Which of the following statements is false? (You may select more than one answer.)a. A flexible…

A: A flexible budget is: Used for control purpose. Prepared at the end of the period. A static budget…

Q: Justify the favorable or unfavorable budget variances

Q: which formula is correct for budget variance. Please see below: * Static Budget Variance…

A: Static Budget Variance is the difference between the actual results and the static budget = (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: What assumption is implicitly made about cost behavior when all of the items in a static planning…

A: Static Budget: A budget that doesn’t changes with the volume of activity throughout the period is…

Q: Distinguish among a budget, a performance report, and a variance. Question content area…

A: Introduction:- Budgeting plays vital role in every organization or business or company or person. it…

Q: What are the relations among standard costs, flexible budgets, variance analysis and managment by…

A: Because actual costs cannot be predicted in advance, standard costs are estimations of actual costs…

Q: What does a flexible budget performance report do that a simple comparison of budgeted to actual…

A: Flexible budget performance report: A tool used to compare the actual and budgeted results…

Q: G. H. I. J. Budget Perf

A: The term with definition as,

Q: a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating…

A: The question is based on the concept of Cost Accounting.

Q: IDENTIFY AND DISCUSS THE DIFFERENCES BETWEEN STATIC AND FLEXIBLE BUDGETS.

A: A budget is defined as a plan layout designed for a particular period. It involves planning costs…

Q: QUESTION 1 Which one of these statements is FALSE about variance analysis? O In variance analysis,…

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

Q: Flexible Budget Variance Analysis Report Actual Flexible Sales-Volume Static Results Budget…

A: Working Notes and formulas:- Note:- Dear student your question is lacking many valuable…

Q: An unfavorable activity variance for revenue indicates that activity was less than expected when the…

A: Solution: True. An unfavorable activity variance for Revenue indicated that activity was less than…

Q: if you identify discrepancies, budget variances, unusual features or have queries, what should you…

A: Budget variance means that the actual cost are either higher or lower than the projected cost.

Q: The Flexible-Budget Variance is the sum of a. The static-budget variance and the sales-volume…

A: Flexible-Budget Variance = Actual results - Flexible results

Q: hich of the following statements is true? A budget reconciliation report shows the difference…

A: Flexible budget is a variable budget where revenues and costs are estimated based on actual output…

Q: Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is…

A: The image is not so clear, so it is so hard to correctly recognize the amounts. I took the amounts…

Q: What does the concept of ‘management by exception’ mean and what factors are considered when…

A: Management by exception is a technique used in management information system.

Q: Flexible budgets are used during which stage of the management process? * Planning Organizing…

A: Answer are as follows.

Question

100%

is this correct?

Which of the following may appear on a flexible budget performance report?
Multiple Choice
An unfavorable spending variance.
An unfavorable activity variance.
All of the above may appear on a flexible budget performance report.
A favorable revenue variance.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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.
Why is it important to determine flexible-budget variances?
What is the cause of an unfavorable volume variance? Does the volume variance convey any meaningful information to managers?
This variance is the difference involving spending more or using more than the standard amount. A. favorable variance B. unfavorable variance C. no variance D. variance
Discuss the shortcomings of the traditional master budget. In what situations would the master budget perform well?
What are some possible reasons for a material price variance? A. substandard material B. labor rate increases C. labor rate decreases D. labor efficiency
When is the material price 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 makes a variance favorable? Give an example of a favorable variance involving materials. What makes a variance unfavorable? Give an example of an unfavorable variance involving labor.
Explain zero-based budgeting and how it differs from the traditional approach to preparing next years budget.
Define static budget. Give an example that shows how reliance on a static budget could mislead management.
(Appendix 10A) Which of the following items describes practices surrounding the recording of variances? a. All inventories are typically carried at standard. b. Unfavorable variances appear as debits. c. Favorable variances appear as credits. d. Immaterial variances are typically closed to Cost of Goods Sold. e. All of these.
When is the material quantity variance favorable? 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