Explain what the terms favorable variance and unfavorable variance mean.
Answer to relevant QuestionsWhat type of variance is created by comparing the master budget to the flexible budget? Explain how a manager might make a trade-off between the direct labor rate and the direct labor efficiency variances. 1. Explain how centralized and decentralized companies dif-fer. What are the advantages and disadvantages of each! 2. Why does decentralization create the need for responsibil-ity accounting in an organintion? 3. What is the ...Explain the meaning of minimum and maximum transfer prices and identify who (the buyer or the seller) would determine each.How do cash flow and net income differ? Explain why this difference is important to capital budgeting.
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