Question
In: Accounting
Which of the following is being fulfilled when management compares the budget to actual? results? A....
Which of the following is being fulfilled when management compares the budget to actual? results?
A.
Planning
B.
Directing
C.
Controlling
D.
Adjusting
Solutions
Expert Solution
Correct answer is controlling
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Controlling is a process wherein management compares the actual results with the planned results.
Controlling consists of checking in the case of everything happens in conformities with the plans adopted, directions issued and standards set up. Controlling guarantees that there is compelling and productive usage of organizational resources in order to accomplish the planned goals. Controlling measures the deviation of genuine execution from the standard execution, finds the reasons for such deviations and aides in taking corrective activities.
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ekkarill92 answered 1 year agoRelated Solutions
q1: On the basis of the budget reports, management analyzes differences between actual and planned results....
q1: On the basis of the budget reports,
management analyzes differences between actual and planned
results.
management may take corrective action.
management may modify the future plans.
All of these answers are correct.
q2: Which one of the statements is correct about controllable
costs?
More costs are controllable as one moves downward in management
levels.
Variable costs are controllable and fixed costs are not.
A cost is controllable if it is incurred directly in a
manager’s division or segment.
Allocated...
The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standard...
The accountant for Barry Ltd compares each month’s actual
results with a monthly plan. The standard direct labour rates and
the standard hours allowed, given the actual output in April, are
shown in the following schedule: Standard direct labour rate per
hour Standard direct labour hours allowed, given April output
Labour class III $26.00 1,000 Labour class II $22.00 1,000 Labour
class I $12.00 1,000 A new union contract negotiated in March
resulted in actual wage rates that differed from...
The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standard...
The accountant for Barry Ltd compares each month’s actual
results with a monthly plan. The standard direct labour rates and
the standard hours allowed, given the actual output in April, are
shown in the following schedule: Standard direct labour rate per
hour Standard direct labour hours allowed, given April output
Labour class III $26.00 1,000 Labour class II $22.00 1,000 Labour
class I $12.00 1,000 A new union contract negotiated in March
resulted in actual wage rates that differed from...
The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standard...
The accountant for Barry Ltd compares each month’s actual
results with a monthly plan. The standard direct labour rates and
the standard hours allowed, given the actual output in April, are
shown in the following schedule: Standard direct labour rate per
hour Standard direct labour hours allowed, given April output
Labour class III $26.00 1,000 Labour class II $22.00 1,000 Labour
class I $12.00 1,000 A new union contract negotiated in March
resulted in actual wage rates that differed from...
The budgeted and actual results for June 2020 are as follows: Budget Actual Production (units) 150,000...
The budgeted and actual results for June 2020 are as
follows:
Budget
Actual
Production (units)
150,000
150,500
Direct material A
300,000m2
£675,000
316,050m2
£695,310
Direct material B
900,000
£18,000
1,053,500
£21,070
Direct labour
37,500 hours
£318,750
37,625 hours
£323,575
Fixed overheads
£287,500
£300,623.75
You are required to:
Calculate all possible variances from the information provided
above for June and use the variances to reconcile the actual cost
of production with the standard cost of production.
Evaluate the variances calculated in...
A budget variance occurs when the actual results of your financial activity differ from your budgeted...
A budget variance occurs when the actual
results of your financial activity differ from your budgeted
projections. Please identify what might be causing you budget
variances at the moment. What are some microeconomic factors that
could be causing this outcome? What are some macroeconomic factors
that could be sources of the variance? What might you change in
your financial behaviour, budget, or goals to your improve
outcomes?
The following information is for X Company for 2017: Master Actual Budget Results Production 10,900 units...
The following information is for X Company for 2017:
Master
Actual
Budget
Results
Production
10,900 units
12,000 units
Total variable costs
$99,190
$108,226
Total fixed costs
$197,300
$201,669
1. What was the 2017 master (static) budget for total costs?
2. What was the 2017 flexible budget for total costs?
The performance report compares data from Remember When’s Inc. static master budget with the actual costs...
The performance report compares data from Remember When’s Inc.
static master budget with the actual costs of its Watch Division
for the year ended December 31.
Remember When, Inc.
Performance Report-Watch Division
For the Year Ended December 31
Cost Category
Budgeted
Costs *
Actual
Costs †
Difference
Under (Over)
Budget
Direct materials
$42,000
$46,000
($4,000)
Direct labor
10,325
11,779
(1,454)
Variable overhead
Indirect materials
3,500
3,600
(100)
Indirect labor
5,250
5,375
(125)
Utilities
1,750
1,810
(60)
...
Deluca Manufacturing prepared the following cost control report for the prior month: Planning Budget Actual Results...
Deluca Manufacturing prepared the following cost control report
for the prior month: Planning Budget Actual Results Variances
Direct labor hours 30,000 33,000 Direct materials $45,000 $55,000
$10,000 U Direct labor wages $480,000 $520,000 $40,000 U
Maintenance $125,000 $136,000 $11,000 U Utilities $82,000 $86,000
$4,000 U Rent $65,000 $65,000 $0 Depreciation $27,000 $27,000 $0
Total: $824,000 $889,000 $65,000 U Direct materials and direct
labor wages are variable costs; rent and depreciation are fixed
costs; and maintenance and utilities are mixed costs....
Kite Company has the following report for August: Flexible Sales Actual budget Flexible activity Master Results...
Kite Company has the following report for August:
Flexible
Sales
Actual
budget
Flexible
activity
Master
Results
variances
budget
variances
budget
Units
?
12000
4000 U
?
Sales revenue
?
12000 F
168000
?
?
Variable mfg. costs
96000
?
?
?
120000
Variable mktg. costs
?
4800 U
21600
?
?
Contribution margin
57600
?
?
18800 U
75200
Fill in the missing amounts. For items in the variances columns,
indicate F or U.
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