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Unformatted text preview: Sales Production Direct Materials Purchases Direct Labor FOH Cash Budgets and Supporting Schedules Chapter 21 – Flexible Budgets and Standard Costing • Understand why flexible budgets are necessary and their usefulness • Be familiar with standards and how standard costs are applied in the accounting process • Describe and compute variances • Determine results and how to take corrective action • Compute all variances and be able to interpret. Problems (10 Points Each) – Choose 4 1. Determination of individual costs as product or period cost under variable costing and absorption costing 2. Components of a Master Budget – Preparation of two components 3. Computation of DM and DL Variances (total of 6) 4. Schedule of Cash Receipts 5. Income Statements using Absorption costing and Variable Costing 6. Flexible Budget...
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- Winter '12
- United Kingdom budget, @, budgeting process