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Understanding Flexible Budgeting and Its Variances: A Detailed Guide, Quizzes of Financial Accounting

Illinois State University (ISU)Financial Accounting

Definitions and journal entries for key terms related to flexible budgeting and its variances, including flexible budget, flexible budget variance, sales volume variance, price variance, efficiency variance, unfavorable variances, and favorable variances. Learn the differences between debited and credited journal entries for each variance.

Typology: Quizzes

2009/2010

Uploaded on 11/17/2010

masavan 🇺🇸

14 documents

1 / 3

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Download Understanding Flexible Budgeting and Its Variances: A Detailed Guide and more Quizzes Financial Accounting in PDF only on Docsity! TERM 1 Flexible Budget DEFINITION 1 uses budgeted $ amounts, and actual #'s TERM 2 Flexible Budget Variance DEFINITION 2 compares actual static budget to the flexible budget TERM 3 Sales Volume Variance DEFINITION 3 compares master static budget to the flexible budget TERM 4 Price Variance DEFINITION 4 (actual price of input-budgeted price of input) * actual quantity of input TERM 5 Efficiency Variance DEFINITION 5 (actual quantity of input -(actual units sold* budget input quantity)) * budgeted price of input TERM 6 Unfavorable Variances are always... DEFINITION 6 DEBITED TERM 7 Favorable Variances are always... DEFINITION 7 CREDITED TERM 8 What is the J.E. for DM Price Variance? DEFINITION 8 DM Control (budgeted price * actual quantity) A. Payable Control (actual quantity * actual price) TERM 9 What is the J.E. for DM Efficiency Variance? DEFINITION 9 WIP Control (budgeted unit * budget price of input * budgeted input) Direct Materials Control (budgeted price * actual quantity) TERM 10 What is the J.E. for Direct Manufacturing Labor? DEFINITION 10 WIP control (budgeted unit * budgeted price of input* budget input) Wages Payable Control (actual hrs. * actual price/hr.)

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