Differentiate between the variable overhead spending variance and the variance overhead efficiency variance
The variable overhead spending variance measures the difference between what variable overhead actually cost and what it should have cost according to the flexible budget standard. But, the variable overhead efficiency variance measures the difference between the labor hours actually worked to make the product and the labor hours that should have been worked to produce the number of products made.
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Which of the following statements is considered a "snapshot" of the business in financial or dollar terms?
A. Statement of financial position. B. Statement of cash flows. C. Income statement. D. The federal income tax return.
Philo files a petition in bankruptcy for relief through an individual's repayment plan. He is granted a discharge. Debts that will not be discharged include claims for
a. all debts provided for by the plan. b. money owed for services rendered. c. allowed claims not provided for by the plan. d. credit-card debt.