1 Which of the following variances would be useful in calling attention to possible problems in the control of spending on overhead items? Option Variable overhead spending variance Fixed overhead budget variance A No No B No Yes C Yes No D Yes Yes Select one: a. Option A b. Option B c. Option C d. Option D

1 Which of the following variances would be useful in calling attention to possible problems in the control of spending on overhead items? Option Variable overhead spending variance Fixed overhead budget variance A No No B No Yes C Yes No D Yes Yes Select one: a. Option A b. Option B c. Option C d. Option D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following variances would be useful in calling attention to possible problems in the control of spending on overhead items?

Option	Variable overhead spending variance	Fixed overhead budget variance
A	No	No
B	No	Yes
C	Yes	No
D	Yes	Yes

Select one:

a. Option A

b. Option B

c. Option C

d. Option D

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

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