1) Introduction: Variance Analysis Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs. In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs. In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues. Complete Performance Evaluation

Question

ht = ences X On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Salaries expense Cash $ 8,450 Accounts receivable 16,950 Office supplies 4,080 Rent expense Land 46,020 Office equipment 18,860 Telephone expense Accounts payable 9,280 Owner investments 84,920 Miscellaneous expenses $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Revenues Rent expense Salaries expense Telephone expense Total revenues $ 4,420 7,900 860 $ SA Assets Cash 8,450 Accounts receivable 16,950 Office supplies 4,080 Land 46,020 Office equipment 18,860 navable 9,280 13,180 5 11 of 14 Next >

Answer 1

Question

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

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ht = ences X On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Salaries expense Cash $ 8,450 Accounts receivable 16,950 Office supplies 4,080 Rent expense Land 46,020 Office equipment 18,860 Telephone expense Accounts payable 9,280 Owner investments 84,920 Miscellaneous expenses $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Revenues Rent expense Salaries expense Telephone expense Total revenues $ 4,420 7,900 860 $ SA Assets Cash 8,450 Accounts receivable 16,950 Office supplies 4,080 Land 46,020 Office equipment 18,860 navable 9,280 13,180 5 11 of 14 Next >

Assets Current Assets Cash Credit card receivables Accounts receivable Marketable securities Food Inventories Prepaid expenses Total Current Assets Golden Bay Balance Sheet as at December 31 Year 2018 Year 2019 $ 18,500 9,807 $ 29,400 11,208 5,983 6,882 15,400 2,000 12,880 14,700 10 800 14 900 73370 79 090 Property Plant & Equipment Land Building Equipment Furnishings $ 60,500 828,400 114,900 75,730 (330,100) 16 600 766 030 839 400 $ 60,500 884,400 157,900 81,110 (422,000) 18 300 7 80 210 859 300 Net: Accumulated depreciation China, glass, silver, & linen Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current mortgage payable Total Current assets $ 19,200 4,200 12,400 26 900 62 700 $16,500 5,000 20,900 26 000 68 400 Long-term liabilities Mortgage payable Total Liabilities $ $512 800 $486 400 575 500 $555 200 Stockholders' Equity Common stock ($5 par. 40,000 shares issued & OS) $200,000 Retained earnings…

Mat lives in Barbados and is desirous of starting his own business from inheritances that his parents left him. He approached you for advice on the best type of business to register. Mr. Mat said he would love to gain benefits from any tax relief that is available that the government has to offer. Give advice to Mr. Mat whether it would be more beneficial to start a Company or an Individual Trading Business. outline for Mr. Mat why setting up either a company, or a trading as business is more advantageous over the other. cover matters like: Tax rates, Available tax reliefs and or tax credits Ease of operations of a company, as well as ease of operations of an individual trading business.

Answer 2

Question

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

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Answer 3

Question

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

Expert Solution & Answer

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Answer 4

Question

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

Expert Solution & Answer

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See solution

Check out sample textbook solution

Answer 5

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

Answer 6

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

Answer 7

Chapter 24, Problem P24.28APGA

To determine

1)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Complete Performance Evaluation

Answer 8

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

Answer 9

To determine

2)

Introduction:

Responsibility centers

Responsibility centers are investment units that are responsible for incurring costs or generating revenues or both.

Under responsibility center accounting, the costs and revenues incurred at a particular location are allocated to the same and profitability analysis is then initiated.

If a responsibility center generates only costs, it is a cost center and if it generates both costs and revenues, it is a profit center.

Category of responsibility center that Subunit X falls under

Answer 10

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

Answer 11

To determine

3)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Variances to be analyzed.

Answer 12

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

Answer 13

To determine

4)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

Whether only unfavorable variances should be analyzed.

Answer 14

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

Answer 15

To determine

5)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If variances exist due to higher than expected sales volume.

Answer 16

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

Answer 17

To determine

6)

Introduction:

Variance Analysis

Variances are the difference between the budgeted values and actual values of the cost and revenue items and are analyzed for components of direct and indirect costs.

In case of costs, the change is deemed unfavorable if the actual costs exceed the budgeted costs and the change is deemed favorable if the actual costs do not exceed the budgeted costs.

In case of revenues, the change is deemed favorable if the actual revenues exceed the budgeted revenues and the change is deemed unfavorable if the actual revenues are less than the budgeted revenues.

If Management will give equal weightage to all variances exceeding $6,000

Answer 18

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

Answer 19

To determine

7)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Which perspective of the Balanced Score Card is addressed through the performance report and if it is a lead or lag indicator.

Answer 20

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

Answer 21

To determine

8)

Introduction:

Balanced Score Card

Balanced Score Card is a performance measure implemented to evaluate the performance of an entity based on four major parameters:

A) Financial Perspective

B) Customer Perspective

C) Internal Process Perspective

D) Learning and Growth Perspective

Indicators of the entity’s performance in each of these parameters are evaluated and a comparison is done to track progress and achievement of the entity’s organizational objectives and goals.

Lagging indicators focus on outputs. They are comparatively easy to measure but difficult to improve.

Leading indicators focus on inputs. They are relatively difficult to measure but easy to improve.

Indicators of Balanced Score Card

Answer 22

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Answer 23

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Answer 33

Ch. 24 - Prob. 1QC Ch. 24 - Which is not one of the potential advantages of...Ch. 24 - The Quaker Foods division of PepsiCo is most...Ch. 24 - Which of the following is not a goal of...Ch. 24 - Which of the following balanced scorecard...Ch. 24 - The performance evaluation of a cost center is...Ch. 24 - Prob. 7QC Ch. 24 - Prob. 8QC Ch. 24 - Prob. 9QC Ch. 24 - Prob. 10QC

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