A diagram showing interrelationships between two or more variables is called a

Q: for Julu that includor reveDue and spending variances and activity variances. (Indicate

A:

Q: volume

A: The material total variance is the sum of material price variance and material quantity variance.…

Q: significant of variance analysis in cost management.

A: Variance analysis is a tool in cost management to compare and analyze variations in budgeted costs…

Q: explain activity variances and spending variances with example

A: Variance is defined as the difference between the actual and the budgeted or expected amount.…

Q: What is the meaningful total variance for performance evaluation purposes?

A: Flexible budget: A flexible budget is a budget prepared by the company for effective evaluation of…

Q: Explain what is meant by the term management by exception. What is the relationship between the…

A: Management by exception: Under this style of management, employees are allowed to take decisions…

Q: Create a narrative explanation for the variances. Create a scenario, context, or circumstance that…

A: Variance is the difference between two figures. One figure is the actual and another one is the…

Q: Explain the difference between a favorable and an unfavorable variance.

A: Variance: The term variance is used under standard costing system. Variance is actually the…

Q: xplain the shape of the Markowitz (that is, mean-variance) efficient frontier, specifically what…

A: Markowitz (that is, mean-variance) efficient frontier-It is also known as mean - variance model and…

Q: What is an activity variance and what does it mean?

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: Define variance

A: Variance in statistics is the calculation of the distribution in an information source between the…

Q: Distinguish between a favorable variance and an unfavorable variance.

A: Favorable Variance: Favorable variance is the variation in the actual and planned output which is…

Q: variances

A: Variance means change Variances arise after comparison with standard to Actual.   Types of Variances…

Q: Which method is used to see if a relationship between the cost driver and total cost exists?…

A: Cost drivers means activity units that will cause change in total cost for example, number of…

Q: Write down two possible causes for each variance.

A: Variance refers to the differs between the budgeted and actual. It may be favourable and…

Q: Can someone give an example of Mean-Variance analysis?

A: Example for mean-variance analysis:

Q: Differentiate between variance analysis and sensitivity analysis

A: Managers of small businesses can benefit from both variance and sensitivity analyses when trying to…

Q: What is favorable variance? Give three examples?

A: Favorable Variance: Favorable variance is the variation in the actual and planned output which is…

Q: Prepare a journal entry to close all variances to COGS

A: Following would be the journal entry/entries to close all the variances to the cost of goods sold:…

Q: What is the relationship between management by exception and variance analysis?

A: Management by Exception: Management by exception is the process of finding the deviations in the…

Q: Topic: Standard Costing and Variance Analysis Question: Create a concept map which discusses on the…

A: Standard Costing and Variance Analysis Always Standard  compared with Actual Result either…

Q: How do you find the standard quantity for efficiency variance?

A: Management should pay particular attention to those that are uncommon or noteworthy. Firms may…

Q: Compute overhead variances using a three-variance approach.

A: 1. Budgeted variance 2. Volume variance 3. Overhead variance

Q: naterials yield variance.

A: We have to convert standard data to Actual Data Material A 1500 Material B.   625 Material C. 1000…

Q: Explain how the two-, three-, and four-variance overhead analyses are related.

A: Overhead variance is the difference between real and applied overhead. Overhead variance can only be…

Q: How does variance analysis help in continuous improvement?

A: Variance Analysis: Variance analysis is the process of ascertaining the deviations between actual…

Q: Define unfavourable variance.

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: unfavorable variances result from

A: Unfavorable variance:-It is a result of lower sales, higher expenses, or combination when actual…

Q: What is unfavorable variance? Give three examples?

A: Unfavorable Variance: Unfavorable variance is the variation in the actual and planned output which…

Q: re all variances investigated? Why or why not?

A: Variance: A variance reflects the degree by which the actual results vary from the anticipated or…

Q: Please calculate the variance

A: Expected Return or mean is the average return of the data given. Risk is the volatility around the…

Q: Define variance analysis.

A:

Q: a. Break down the material cost variance into different related variances: price variance, usage…

A: Variance analysis: It is the technique in budgeting that allows for analysis of the variances…

Q: In performing Variance Analysis for Direct Material costs, the variances include Price and Rate…

A: While performing Variance analysis for Direct Material Costs include Direct Material Price Variance…

Q: in preparing variance analysis for both variable overhead and fixed overhead costs, both include…

A: The answer for the theory question on Spending variances is discussed hereunder :

Q: There are three input materials A, B and C in a process. The overall material mix variance and the…

A: Variance can be described as a difference between actual amount of costs incurred and budgeted…

Q: Variance Analysis

A: [Note: Since you have posted a multi-part question, we will solve the first 3 parts for you. For the…