Question: 1 . Define a cost variance. 2 . When does a price variance occur? 3 . How is the flexible budget different from the static

1. Define a cost variance.
2. When does a price variance occur?
3. How is the flexible budget different from the static budget?
4. Explain the concept of management by exception.
5. Is the budgeted price used for the static budget or the flexible budget?
6. Which two components can the flexible budget variances be broken down into?
7. Explain how to calculate cost variance for direct labour.
8. Which two components can the flexible budget variances be broken down into?
9. How is price variance for room sales calculated?
10. Do all favourable variances indicate improvements in business operations?

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