VarianceACC200Spring2009

VarianceACC200Spring2009 - Objectives - Variance Analysis u...

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Objectives -- Variance Analysis u Apply and use standard costing in variance analysis u Distinguish between ideal standards and practical standards u Compute and interpret direct material price and quantity variances u Compute and interpret direct labor rate and efficiency variances u Compute and interpret variable overhead spending and efficiency variances u Explain how a manager would determine whether a variance constituted an "exception" that would require his/her attention
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Management Decision Cycle FINANCING DECISIONS INVESTING DECISIONS OPERATING DECISIONS FUNDING OPERATING PROFIT INVESTMENTS
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Types of Budget Sales Budget Production /Purchasin g Budget S&A Budget Cash Budget Financial Statements Budget
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Income Statements TRADITIONAL CONTRIBUTION MARGIN Sales Less: Cost of Goods Sold: Variable Costs Fixed Costs Total Cost of Goods Sold Gross Profit Less: Variable Costs Fixed Costs Net Income Sales Less: Variable Costs: Manuf. Costs Total Variable Costs
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VarianceACC200Spring2009 - Objectives - Variance Analysis u...

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