Favourable variance - Study guides, Class notes & Summaries

AQA 2023 A-level ACCOUNTING 7127/2 Paper 2 Accounting for analysis and decision-making Question Paper & Mark scheme (Merged) June 2023 [VERIFIED] Candidate number I declare this is my own work. A-level ACCOUNTING Paper 2 Accounting for analysis and decision-making Tuesday 6 June 2023 Morning Time allowed: 3 hours Materials For this paper you must have: • a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • A...

AAT Level 3 - CSTR - Fixed & Flexed BudgetsReasons for budgets: (same aims as management accounting) - correct answer 1. Forecast future activity levels 2. Communicate goals and objectives 3. Plan for the use of resources - materials, labour, money 4. Control the different departments 5. Motivation by setting achievable targets Fixed budgets: - correct answer 1. Produced for a single activity level 2. Produced at the beginning of a period 3. Used to provide information as to the aims an...

AAT Level 3 - CSTR - Fixed & Flexed BudgetsReasons for budgets: (same aims as management accounting) - correct answer 1. Forecast future activity levels 2. Communicate goals and objectives 3. Plan for the use of resources - materials, labour, money 4. Control the different departments 5. Motivation by setting achievable targets Fixed budgets: - correct answer 1. Produced for a single activity level 2. Produced at the beginning of a period 3. Used to provide information as to the aims an...

AAT Level 3 - CSTR - Fixed & Flexed Budgets Exam Review Questions and answers, rated A+/ Analysis of fixed budget and actual results: - -1. The difference between budget and actual figures is called variance 2. Adverse variance occurs when actual costs exceed the budgeted costs 3. Favourable variance occurs when the actual cost is less than the budgeted cost Causes of labour variance - -1. Rate changes 2. Efficiency of staff to produce output 3. Change in hours required to reach output...

Edexcel AS Level Business (8BS0) Paper 02 Mark Scheme June 2022. Pearson Edexcel GCE AS Level In Business (8BS0). Managing Business Activities. Crowd funding is where large numbers of individuals provide funding for a business or project (1) in return for shares/free products/discounts/altruism (1). (2) Question Number Answer Mark 1(b) Knowledge 2 Knowledge/understanding: up to 2 marks for, e.g. • Price (1) multiplied by quantity sold (1). NB: If candidates state ‘income from sales...

Crossfit L1 TEST STUDY Exam With Complete Solutions 2024What is crossfit - correct answer-Constantly varied functional movements executed at high intensity. The aims, prescription, methodology, implementation, and adaptations of CrossFit - correct answer-to forge a broad general and inclusive fitness Prepare for the unknown and unknowable. Characteristics of functional movements - correct answer-natural, universal motor recruitment patterns, essential, safe, compound yet irreducible, core ...

CrossFit L1 TEST STUDY What is crossfit - Constantly varied functional movements executed at high intensity. The aims, prescription, methodology, implementation, and adaptations of CrossFit - to forge a broad general and inclusive fitness Prepare for the unknown and unknowable. Characteristics of functional movements - natural, universal motor recruitment patterns, essential, safe, compound yet irreducible, core to extremity, power. Most Important characteristic of Functional Movements ...

Question 1 Helix Company produces costumes used in the television and movie industries. Recently the company received an ongoing order for Samurai robes to be worn in an upcoming Japanese historical action series made for television. The company uses a standard costing system to assist in the control of costs. According to the standards set for these robes, the factory has a denominator activity level of 1,160 direct labour-hours each month, which should result in the production of 2,900 ro...

Budget - correct answer An agreed plan, establishing, in numerical and financial terms, the policy to be pursued and the anticipated outcomes of that policy SMART - correct answer How budgets must be: Specific Measurable Agreed Realistic Timed Variance Analysis - correct answer The process by which the outcomes of budgets are examined and then compared with the budgeted figures Favourable Variance - correct answer When costs are less than expected, or revenue is more than expec...

Chapter 10 1. Standard costs should generally be based on the actual costs of prior periods. Ans: False Difficulty: Easy 2. The standard direct labour rate should NOT include fringe benefits. Ans: False Difficulty: Easy 3. From a standpoint of cost control, the most effective time to recognize material price variances is when the materials are placed into production. Ans: False Difficulty: Medium 4. The material quantity variance is computed based on the quantity of all materials purcha...