True/false 11) o calculate a spending variance, subtract actual income from actual expenses. ________ 12. To calculate an activity variance, subtract actual quantity from actual price. ________ 13. When actual revenue is higher than budgeted revenue, the difference is a general spending variance. ________ 14. The static budget is the same as the planning budget. ________ 15. Depreciation is accounted for as a spending variance. ________ 16. Achieving standard costs in a company performance report is desirable. ________ 17. The three determinants of standard costs are quantity, price, and weight. ________ 18. The assembly line workers are responsible for the materials price variance. ________19. The raw materials inventory manager is responsible for the overhead efficiency variance. ________ 20. The labor efficiency variance and the overhead efficiency variable may both utilize direct labor hours as a factor.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
True/false
11) o calculate a spending variance, subtract actual income from actual expenses.
________ 12. To calculate an activity variance, subtract actual quantity from actual price.
________ 13. When actual revenue is higher than budgeted revenue, the difference is a general spending variance.
________ 14. The static budget is the same as the planning budget.
________ 15. Depreciation is accounted for as a spending variance.
________ 16. Achieving
________ 17. The three determinants of standard costs are quantity, price, and weight.
________ 18. The assembly line workers are responsible for the materials price variance.
________19. The raw materials inventory manager is responsible for the
________ 20. The labor efficiency variance and the overhead efficiency variable may both utilize direct labor hours as a factor.
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