We’ve updated our privacy policy so that we are compliant with changing global privacy regulations and to provide you with insight into the limited ways in which we use your data. You can read the details below. By accepting, you agree to the updated privacy policy. Thank you! View updated privacy policy We've encountered a problem, please try again. Week 6 Smart Book1.The primary objective ofPerformancereporting is to highlight those activities for which actual andplanned results differ, favorably or unfavorably, so that appropriate action can be taken.2.When comparing the difference between actual performance and planned activities, the resultingvariances are analyzed for the primary purpose of: Get answer to your question and much more 3.Noncontrollable cost4.Favorable variance -The excess of actual revenue over the budgeted revenue, or the excess of Get answer to your question and much more budgeted cost over the actual cost5.A system of performance reporting that involves successive degrees of summarization as the Get answer to your question and much more number of management responsibility levels being reported about increases is called Get answer to your question and much more 6.A management activity in the planning and control cycle that compares actual performance with7.Select all that apply Get answer to your question and much more Using management by exception, which of the following variances would likely be further8.In performance reporting, the term used to indicate a difference between actual performance and Get answer to your question and much more 9.ABC Company's performance report for April included the following for raw materials: Budgeted Get answer to your question and much more cost = $62,000 Actual cost = $64,600 Variance = $2,600Use F or U to identify the variance asfavorable or unfavorable: Get answer to your question and much more 10. All costs arecontrollable(controllable/noncontrollable) by someone at some time, but in the shortrun, some costs may be classified asnoncontrollable Get answer to your question and much more 11. ABC Company's production budget for April included the following for direct labor: Budgetedproduction = 15,000 units Budgeted direct labor unit cost = $24 per unit ABC Company's actualproduction for April was the following: Actual production = 16,000 units Actual direct labor cost =$25.00 per unit Calculate the following items for ABC's April performance report for direct labor:12. If actual raw materials cost is less than the budgeted raw materials cost, then the variance is a Get answer to your question and much more favorablevariance.13. When preparing a performance report, flexing the budget is necessary in order tocalculate moreaccurate variances15. Select all that apply Get answer to your question and much more Recommended textbook solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
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The actual and budgeted costs for synergy inc.s actual level of activity are as follows:
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