ACCT 2302 Warm Up Key

Question 1

______________ budgets are prepared for a single level of activity

Answer 1

Planned

Question 2

We use a _____________________ when actual level of activity differs from planned

Answer 2

Flexible budget

Question 3

In variance analysis we need to look at ___________ and ___________

Answer 3

Quantity (q) and Price (p)

Question 4

We expect the difference between a flexible budget and actuals to be ________

Answer 4

0

Question 5

________________ is the difference between actual cost and how much cost should have been (at that level of activity)

Answer 5

Spending Variance