Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below) Alvarez Company for the current period shows a $33,000 favorable volume variance and a $55,200 unfavorable controllable variance. Standard overhead applied for the period is $230,000. QS 21-17 (Algo) Components of overhead variance LO P4 a. What is the actual total overhead cost incurred for the period? b. What is the total overhead variance and is it favorable or unfavorable? a. Actual total overhead b. Total overhead variance

Q: Attributes about an entity- Select one. O a. Database O b. Record O c. Field O d. File

A: Attributes about an entity are fields.

Q: What is the difference between vote book and dva book

A: The purpose of maintaining a vote book is to; (i) To have complete control over expenditure.(ii) To…

Q: Define terminal date

A: Answer: In finance, horizon date is called as terminal value. It is the date from which individual…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: In which document would you find the MD&A? O A. Form 8-K O B. Form 10-K O C. Both A and B O D.…

A: Paid-in Capital Paid-in capital is that the total quantity cash equivalents contributed to a company…

Q: Define what is meant by a tick mark. What is its purpose?

A:

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: is the target of data flow. Select one: O a. Destination O b. Pass O c. Source O d. Stores

A: Which is the target of data flow as follows:-

Q: What is accounting explain briefly?

A: Accounting is a broad term and it also has many branches like Cost accounting, Management…

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: What is the definition and explanation of the closure procedure and closing entries

A: Entries that have been closed : When the accounting period concludes, a closing entry is a journal…

Q: date?

A: The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB…

Q: How should documents removed from workpapers be treated?

A: Workpaper is the most important part of the audit. It contains all the documentation regarding the…

Q: Explain the difference between deferrals and accruals and give two examples from each.

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: The scope of coverage under Section I is greatest with an [HO-1|HO-5] policy. Question 98…

A: Insurance coverage is provided based on the types of policy chosen by the policyholder. Some policy…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Bramble Corp. is a retailer operating in Calgary, Alberta, Bramble Corp. uses the perpetual…

A: Lets understand the basics.There are various methods followed for calculating cost of goods sold and…

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: 20-An information is relevant if it has the ability to. a. Give historical data b. Be uncertain c.…

A: Information is combination of facts that is provided to various stakeholders for their use.…

Q: Suppose that both the direct material and rent costs are tied to the таниfаcturing of the equivalent…

A: Compute the average unit costs for direct materials assigned to 900,000 units as follows:

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Describe about the deferrals? Explain it in detail.

A:

Q: What are reversing entries, and how do they work?

A: The journal entries recorded would be general entries, adjusting entries and reversing entries.…

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.