Fundamentals of Cost Accounting

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Accounting 111 Pollard Chapter 16 Summary Learning Objectives (L.O): 1, 2, 3, 4, and 5 Assignment: Exercises 22, 23, 26, 27, 29a, 30, 32, 33ab, 34 Problems None Read the sections of the chapter which cover the Learning Objectives listed above and review the PowerPoint slides for the chapter. Use this information to complete this chapter summary. Test your understanding of the material by completing the assignment for the chapter. L.O. 1: Use budgets for performance evaluation. L.O. 2: Develop and use flexible budgets. Define the following terms: Term Definition Operating budget Budgeted income statement, production budget, budgeted cost of goods sold, and supporting budgets Financial budget Budgets of financial resources; for example, the cash budget and the budgeted balance sheet Variance Difference between planned result and actual outcome Favorable variance Variance that, taken alone, increases operating profit Unfavorable variance Variance that, taken alone, reduces operating profit
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Chapter 16 Key - Accounting 111 Pollard Chapter 16 Summary...

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