Why compute variances?  Why is this concept important?

How would you go about setting up standard costs?

What are some of the criticisms of standard costing?

What is the purpose behind preparing a budget performance report and what do you think division managers do when they get the report for the month?

How do we compute the direct materials and direct labor variances?  Explain.

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1 Variances in Accounting Compute variances to analyze the difference between actual and expected costs or revenues This concept is important in analy... View the full answer