You are watching: A flexible budget may be prepared:
Standard prices are:Actual expenses incurred to produce a particular product or do a service.Preset prices for delivering a product or organization under typical conditions.Established by the IMA.Rarely achieved.Uniform amongst companies in ~ an industry.
The anticipated prices incurred under normal problems to develop a certain product or to carry out a details service are:Variable costs.Fixed costs.Standard costs.Product costs.Period costs.
The difference between actual price per unit that input and also the standard price every unit that input results in a:Standard variance.Quantity variance.Volume variance.Controllable variance.Price variance.
The difference in between actual amount of input used and also the standard quantity of input used results in a:Controllable variance.Standard variance.Budget variance.Quantity variance.Price variance.
The difference in between the complete actual cost incurred and also the total standard cost is called the:Flexible variance.Usage variance.Cost variance.Controllable variance.Volume variance.
Which that the adhering to is not component of the flow of events in variance analysis:Preparing a standard cost performance report.Identifying questions and their answers.Taking corrective and strategic actions.Computing and assessing variances.Working to ensure that all variances are favorable.
Standard costs are provided in the calculate of:Price and also quantity variances.Price variances only.Quantity variances only.Price, quantity, and also sales variances.Quantity and also sales variances.
Static spending plan is one more name for:Standard budget.Flexible budget.Variable budget.Fixed budget.Master budget.
In this type of budget, the master budget is based on a single prediction because that sales volume, and also the budgeted amount for each expense essentially assumes that a certain amount the sales will certainly occur:Sales budget.Standard budget.Flexible budget.Fixed budget.Variable budget.
Identify the situation listed below that will result in a favorable variance.Actual revenue is greater than budgeted revenue.Actual revenue is lower than budgeted revenue.Actual income is lower than intended income.Actual expenses are higher than budgeted costs.Actual costs are higher than budgeted expenses.
An internal report the helps administration analyze the difference between actual performance and budgeted performance based on the actual sales volume (or various other level of activity) is called a(n):Sales budget plan performance report.Flexible spending plan performance report.Master budget performance report.Static spending plan performance report.Operating budget performance report.
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A flexible budget may it is in prepared:Before the operating period only.After the operating period only.During the operating duration only.At any kind of time in the plan period.Only once the agency encounters extreme costs.
higher incomeactual revenue is higher than budgeted revenue or actual price is reduced than budgeted cost
Lower incomeactual revenue is reduced than budgeted revenue or actual price is greater than budgeted cost
shows revenue and also expenses that need to have developed at the actual level of activitywhat if look at operationsapples come apples comparisonimprove power evaluation and also focus on problem areas
preset costs for delivering a product or service under common conditionsexpected level the performanceDm, Dl, OH