(a) Compute the total, price, and quantity variances for labor. Total labor variance Labor price variance $ (b) $ Labor quantity variance $ Compute the total overhead variance. Total overhead variance $ 4620 i 1200 i 3420 i 6100 Unfavorable Unfavorable Unfavorable Favorable

Q: What is notional principal?

A: This is a type of derivative used by two parties under a contract to exchange the consequences (net…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: Define Economic entity assumption.

A: Economic entity assumption is an accounting principle that separates the  transactions carried out…

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: Define target company

A: Companies expand by acquiring or merging with other companies. By purchasing companies, company can…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: What can be understood from Integrated disclosure system.

A: Integrated disclosure system: It is an update in the security exchange commission’s guidelines to…

Q: Explain accounting domain with example

A: Accounting domain is the wide range of accounting including its all branches like financial…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: What are operational assets? Give example?

A: Operational assets: Operational assets are those assets acquired for use in the day to day…

Q: Define classified boards

A: In classified board structure, certain board of directors are classified depending on time length of…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: Identify the segment information that is required to be disclosed by GAAP.

A: Segment reporting: Presentation of disclosures along with the financial statements which shows the…

Q: Ratios are an input into which step in the fi nancial statement analysis framework? A . Process…

A: The analysis of financial statements is the method of review for the decision-making of a firm's…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: Define revenue-producing assets.

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Q: Define S corporation

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Q: Define Classifi ed balance sheet

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.