Question: PERFORMANCE EVALUATION USING VARIANCES FROM STANDARD COSTS . What is a exible budget and why are they used? . How is a exible budget developed?

PERFORMANCE EVALUATION USING VARIANCES FROM STANDARD COSTS . What is a exible budget and why are they used? . How is a exible budget developed? What are standard costs? Why are standard costs important in controlling business operations? How are materials and labor standards developed? How are standard costs used in evaluating performance? What is a flexible budget (standard cost) variance? How are materials and labor variances investigated? Who is responsible? What are possible causes for favorable or unfavorable variances of each type? What is management by exception? . Accounting for variances journal entries for standard costing

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