What is strategy?

A series of competitive moves and business approaches for moving the company in the intended direction, staking out a market position, attracting customers,...

Describe three reasons for an unfavorable direct manufacturing labor efficiency variance?

Describe three reasons for an unfavorable direct manufacturing labor efficiency variance? 1. hiring under skilled workers-less efficency 2. inefficient...

List 4 reasons for using standard costs.

List 4 reasons for using standard costs. 1. Pricing decisions. 2. cost management. 3. budgetary planning and control. 4. Financial statement prep...

Describe the steps in developing a flexible budget.

Describe the steps in developing a flexible budget. 1. Identify the actual quantity of output. 2.Calculate the flexible budget for revenues based...

Why might managers find a flexible budget analysis more informative than a static budget analysis?

Why might managers find a flexible budget analysis more informative than a static budget analysis? A FBA is a better measure of operating performance...

What is the key difference between a static budget and a flexible budget?

What is the key difference between a static budget and a flexible budget? Static budget- is based on the level of output at the beginning of the period. Flexible...

Distinguish between a favorable variance and an unfavorable variance.

Distinguish between a favorable variance and an unfavorable variance. A favorable variance has a result of increasing operating income relative to...

What are the two possible sources of info a company might use to compute the budgeted amount in variance analysis?

What are the two possible sources of info a company might use to compute the budgeted amount in variance analysis? Past amounts and detailed engineering...

What is the relationship between management by exception and variance analysis?

Management by exception- is the practice of concentrating on areas not operating as expected and giving less attention to areas operating as expected. Variance...

What is Cost-Volume-Profit (CVP) Analysis?

CVP Analysis studies the behavior and relationship among these elements as changes occur in the units sold, the selling price, the variable cost per...