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Homework answers / question archive / ACC 256 FINAL Which of the following statements is correct? Unfavorable cost variances always indicate bad performance

ACC 256 FINAL Which of the following statements is correct? Unfavorable cost variances always indicate bad performance

Accounting

ACC 256 FINAL

  1. Which of the following statements is correct?

    Unfavorable cost variances always indicate bad performance.
    Favorable cost variances always indicate good performance.
    Both of the above statements are correct.
    Neither of the above statements are correct.
  2. A company's static budget estimate of total overhead costs was $455,000 based on the assumption that 14,000 units would be produced and sold. The company estimates that 20% of its overhead is variable and the remainder is fixed. The total overhead cost according to the flexible budget if 18,000 units were produced and sold is...
  3. An activity variance is the difference between...
  4. A restaurant has a cost with the following cost formula: $1,900 + $5.3q, where q is the number of meals served. The restaurant's planning budget is based on 1,900 meals. Its actual level of activity was 1,750 meals and the actual amount of the cost at that level of activity was $12,000. The activity variance for this cost is...
  5. If the average selling price is greater than expected, the revenue variance is...
  6. If the actual cost incurred is greater than what the cost should have been as set forth in the flexible budget, the variance is...
  7. The five columns on a "Performance Report Combining Activity Variances with Revenue and Spending Variances" should be ordered as...
  8. Let q1 represents client visits and q2 represents hours of operations. The electricity cost for Blissful Spa depends on both client-visits and the hours of operations and its cost formula is $660 + $0.35q1 + 2.50 q2. If the actual number of client visits is 1,320 and the salon was open for 330 hours during the month, the flexible budget amount for electricity is...
  9. Return on Investment (ROI)
  10. Margin

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