Foundations of Accounting for Peregrine
Global Services Exam with Complete
Solutions 100% Verified
Variance from Standards - ✔✔The turtle difference between actual costs and standard cost for your
period is normally made up of several variances, some of which can be favorable and some unfavorable
Direct materials, variances - ✔✔Difference between the actual price per unit and the standard price per
unit multiplied by the actual quantity used
Reporting Direct Materials Variances - ✔✔Direct materials quantity variances should be reported to the
manager responsible for the variance
Direct labor, variances - ✔✔Difference between the actual rate per hour in the standard rate per hour
multiplied by the actual hours worked
, Reporting direct labor, variances - ✔✔Reports analyzing the cause of any direct labor variance difference
is between standard direct labor hours in the actual direct labor hours
Standards for non-manufacturing expenses - ✔✔Service selling administrative expenses, many
nonmanufacturing expenses, do not directly relate to a unit of output, or other measure of activity
Non-financial performance measures - ✔✔Statistics and data that are not financial in nature but can be
used to assess an organizations performance such as the non-financial measures used in a balanced
scorecard
Budgeting includes - ✔✔1. establishing specific goals for the overall entity and it's units
Executing plans to achieve the goals.
Periodically comparing actual results with the goals.
Considering appropriate actions in response.
Incremental approach - ✔✔Last year's budget is revised with actual results and expected changes for the
coming year
Minimum level approach - ✔✔Base budget amount established for specific items, budgeting, more
requires justification
Activity based approach - ✔✔Activities with costs are identified costs drivers are established and budget
is made
Blank imply, an acceptable level of production efficiency - ✔✔Standards
Non-financial performance measures - ✔✔1. Quality of work.
inventory turnover.
On-time delivery.
Elapsed time between a customer order and product delivery.
Customer preference rankings compared to competitors.
Response time to a service call 7. Time to develop new products.
Employee satisfaction.
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