Variance analysis involves calculating variances and preparing journal entries.
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Q1: Standard costs are the amount that managers
Q2: There are two reasons for calculating variances;
Q3: Sensitivity analysis can be used to estimate
Q5: A flexible budget uses the variable cost
Q6: Another name for master budget is static
Q7: Standards should be reviewed periodically.
Q8: Organisations should always use ideal standards to
Q9: A flexible budget is a set of
Q10: Ideal standards assume perfect operating conditions that
Q11: Currently attainable standards assume normal operating conditions
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