Managerial Accounting Flashcards
1
Q
Variance analysis includes
A
Actuals vs. Flexible Budget vs. Master Budget
2
Q
Actuals formula
A
Actual Quantity x Actual Price
3
Q
Flexible budget formula
A
Actual Quantity x Standard Price
4
Q
Master Budget formula
A
Standard Quantity x Standard Price
5
Q
Price Variance formula
A
(Actual Price - Standard Price) x Actual Quantity
6
Q
Usage Variance formula
A
(Actual Quantity- Standard Quantity) x Standard Price
7
Q
2 terms to include in analysis of each variance?
A
Favorable and Unfavorable
