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. Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances. Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception. To determine : The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

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Answer 1

Question

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

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Answer 2

Question

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

Expert Solution & Answer

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Answer 3

Question

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

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Answer 4

Question

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

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Answer 5

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

Answer 6

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

Answer 7

Chapter 23, Problem 7BTN

To determine

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.

Variances Analysis: A Variance analysis is comparing the actual and standard figures and finding the differences or variances.

Management by exception: Management by exception is the manager’s technique to evaluate the business performance and finding out negative factors and working on them. Variance analysis is a part of the management by exception.

To determine: The meaning of comment “Variances are not explanations” and “Management’s Goal is not to minimize variances”

Answer 8

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Answer 9

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Answer 10

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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

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Chapter 23 Solutions