Which of the following statements is true? Multiple Choice O The spending variance for a fixed expense will equal zero if the actual expense incurred equals the expense expected for the actual level of activity. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is less than the planned amount of the expense. The spending variance for a fixed expense can be favorable or unfavorable depending on whether the actual

Which of the following statements is true? Multiple Choice O The spending variance for a fixed expense will equal zero if the actual expense incurred equals the expense expected for the actual level of activity. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is less than the planned amount of the expense. The spending variance for a fixed expense can be favorable or unfavorable depending on whether the actual

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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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When is the direcet labor time 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 paid is less than the standard price
TRUE OR FALSE When actual production volume is less than expected volume, the production volume variance is unfavorable
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Which one of the following best describes the direct material price variance? O a. The difference between the standard quantity of material used at the standard cost per unit and the actual quantity of material used at the standard direct material cost per unit O b. The difference between the budgeted material cost and direct material cost according to the unflexed budget O c. The difference between the actual direct material cost and direct material cost according to the flexed budget O d. The difference between the actual cost of the material used and the actual quantity of material used at the standard direct material cost per unit O e. The difference between the actual cost of the material used and the standard quantity of material used at the actual direct material cost per unit
How can the sales-quantity variance be decomposed further?
Total variable costs are deducted from Total mixed costs to obtain which of these? Group of answer choices Budgeted costs. Mixed costs per unit. Fixed costs per unit. Total fixed costs.
Which one is the correct answer?
a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.40 per pound $ 11.20 per hour Standard Cost $ 27.20 2.80 $ 30.00 During November, TaskMaster purchased 168,000 pounds of direct materials at a total cost of $588,000. The total factory wages for November were $58,000, 90% of which were for direct labor. TaskMaster manufactured 19,800 units of product during November using 148,500 pounds of direct materials and 5,160 direct labor-hours. Is the direct labor rate variance favorable or unfavorable?
A revenue variance is favorable if the actual revenue exceeds what the revenue should have been for the actual level of activity of the period. Select one: True False
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
Comment on the statement “A favourable variance is always better than an adverse variance” by considering one behavioural issue involved.