Which of the following statements is true? Multiple Choice O The spending variance for a fixed expense will equal zero if the actual expense incurred equals the expense expected for the actual level of activity. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is less than the planned amount of the expense. The spending variance for a fixed expense can be favorable or unfavorable depending on whether the actual

Which of the following statements is true? Multiple Choice O The spending variance for a fixed expense will equal zero if the actual expense incurred equals the expense expected for the actual level of activity. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. The spending variance for a fixed expense will be unfavorable if the amount of the expense contained in the flexible budget is less than the planned amount of the expense. The spending variance for a fixed expense can be favorable or unfavorable depending on whether the actual

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Description: Which of the following statements is true?Multiple ChoiceоThe spending variance for a fixed expense will equal zeroif the actual expense incurred equals the expenseexpected for the actual level of activity.The spending variance for a fixed expense w

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7MC: When is the material price variance unfavorable? A. when the actual quantity used is greater than...

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1. What is the activity variance for the revenue? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect) 2. What is the spending variance for the cost of ingredients? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effec
Which of the following statements is true? A) The spending variance for a variable expense will usually equal zero. B) The spending variance for a variable expense will be favorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. C) The spending variance for a variable expense will be favorable if the amount of the expense contained in the flexible budget is less than the actual amount of the expense. D) The spending variance for a variable expense can be favorable or unfavorable depending on whether the actual expense is greater than or less than the planned expense.
A revenue variance is favorable if the actual revenue exceeds what the revenue should have been for the actual level of activity of the period. Select one: True False
Which of the following statements is true? Multiple Choice The spending variance for a fixed expense will equal zero when the planned level of activity equals the actual level of activity. The spending variance for a fixed expense will be favorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. The spending variance for a fixed expense will be favorable if the amount of the expense contained in the flexible budget is less than the actual amount of the expense. The spending variance for a fixed expense can be favorable or unfavorable depending on whether the actual expense is greater than or less than the planned expense.
The benchmark subtracted from the actual account expense is known variance? yes or no
Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A 1 Chapter 9: Applying Excel 2 3 4 Data Revenue 5 Cost of ingredients 6 Wages and salaries 7 Utilities 8 Rent 9 10 11 Actual results: 12 Revenue 13 Cost of ingredients 14 Wages and salaries 15 Utilities 16 Rent 17 18 19 20 Actual activity Miscellaneous Miscellaneous Planning budget activity $ $ $ $ $ GA $ $ GA B 10,400 800 2,200 600 30,295 11,110 10,310 1,210 2,200 2,060 C + + 1,700 meals served 1,800 meals served $ $ $ $ D 16.50 q 6.25 q 0.20 q 0.80 q E
c. What is spending variance for wages and salaries? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for wages and salaries d. What is spending variance for total expenses? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for total expenses
A Favorable Variance results when (check all that apply) a. Actual costs exceed Budgeted costs b. Budgeted costs exceed Actual costs c. Actual revenues exceed Budgeted revenue d. Budgeted revenue exceed Actual revenues
When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price paid is less than the standard price
When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
This variance is the difference involving spending less, or using less than the standard amount. A. favorable variance B. unfavorable variance C. no variance D. variance
When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price