Acct 323 Quiz #3

Front 1

DM Price Variance

Back 1

AQ (AP-SP)

Front 2

DL Rate Variance

Back 2

AH (AR-SR)

Front 3

DM Quantity Variance

Back 3

SP (AQ-SQ)

Use actual quantity when calculating SQ

Front 4

DL Efficiency Variance

Back 4

SR (AH-SH)

Use actual hours when calculating SH

Front 5

VMOH Spending Variance

Back 5

AH (AR-SR)

AR=actual VMOH rate

SR=standard VMOH rate

Front 6

VMOH efficiency Variance

Back 6

SR (AH-SH)

SH= planned VMOH rate × actual hours

AH= actual VMOH rate × actual hours

Front 7

Sales Volume Variance

Back 7

(AQ-PQ)× Bud. Unit CM

Bud Unit CM= sales price - (DM+DL+VMOH)

PQ=#of planned units to produce

Front 8

Which variances are used for cost control?

Back 8

1. Budget Variance FMOH

2. Spending Variance VMOH

Front 9

Which budget is done first?

Back 9

Sales budget

Front 10

How to determine RM needed?

Back 10

DM required to meet production

+ RM ending

- RM beginning

Front 11

For SH you use standard hours for what output?

Back 11

Actual output

Front 12

To pad the budget means to

Back 12

State lower sales and higher costs

Front 13

FMOH budget variances

Back 13

Actual FMOH - Budgeted FMOH

Front 14

FMOH volume/capacity Variance

Back 14

Budgeted FMOH - Applied FMOH

Front 15

Budgeted FMOH cost

Back 15

Predetermined FMOH rate * budgeted hrs for budgeted output

Front 16

Predetermined fixed FMOH rate

Back 16

Budgeted FMOH / budgeted activity

Front 17

Variable cost Variance

Back 17

(Actual unit cost - Budgeted unit cost) * actual sales volume

AQ(AC-BC)

Front 18

Selling price variance

Back 18

AQ (AP-SP)

Front 19

Sales Activity Variance

Back 19

(AQ-PQ)*bud. Unit CM

Front 20

FC spending Variance

Back 20

Actual FC - Budgeted FC