Standard Costing System: Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances. Variance: The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues. To Discuss: The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Question

Want to see the full answer?

Answer 1

Question

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is net income using accural accounting?

Choice correct answer with accounting question

Please give me answer general accounting question

Answer 2

Question

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Answer 6

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Answer 7

Chapter 23, Problem 5BTN

To determine

Concept Introduction:

Standard Costing System:

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

Variance:

The term variance is used under standard costing system. Variance is actually the difference between the standard amount and actual amount. The variance can be calculated for costs and revenues.

To Discuss:

The meaning of the comments on the variances analysis "Variances are not explanations", "management is goal is not to minimize the variances".

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 23 - Prob. 1DQ Ch. 23 - Prob. 2DQ Ch. 23 - Prob. 3DQ Ch. 23 - Prob. 4DQ Ch. 23 - Prob. 5DQ Ch. 23 - Prob. 6DQ Ch. 23 - Prob. 7DQ Ch. 23 - Prob. 8DQ Ch. 23 - Prob. 9DQ Ch. 23 - Prob. 10DQ

Concept explainers

Videos

Want to see the full answer?

Chapter 23 Solutions