Please answer quickly. Managerial Accounting Homework Help _____________________
ID: 2473228 • Letter: P
Question
Please answer quickly. Managerial Accounting Homework Help
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Standard costs are used in the calculation of: Price and quantity variances. O Price variances only O Quantity variances only Price, quantity, and sales variances. O Quantity and sales variances.Explanation / Answer
Q1. Answer is Price and Quantity Variance. Q2. Answer is True. Profit margin and Investment turnover is used to generate the return on Investment to evaluate the Manager performance. Q3. Answer is True. When the standard cost of actual material purchased is less than actual cost of material purchased, it is Unfavorable Price variance. Q4. Answer is Responsibility Accounting Budgets. Q5. Answer is False. Budgets are mainly drawn for a period of one year or even less for the functional department so as to check the performance on regular intervals. Q6. Answer is false. The Standard rule is not applicable. However, based on judgment and past performance, the suitable base for allocating the expense can be determined which is perceived as fair allocation. Q7. Answer is True.