Flexible budgets, variance and management control
9 important questions on Flexible budgets, variance and management control
What is a benchmark? Give an example of three types of benchmark of interest to managers.
What is the key question in deciding which variances should be calculated and analysed?
Why might managers find a Level 2 flexible-budget analysis more informative than a Level 1 static-budget analysis?
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'Performance may be both effective and efficient, but either condition can occur without the other.' Do you agree? Give an example of effectiveness. Give an example of efficiency.
List four reasons for using standard costs.
Describe why direct materials price and direct materials efficiency variances may be calculated with reference to different points in time.
'There are many costs associated with acquiring and using materials over and above materials purchase costs.' Give three examples.
Why might an analyst examining variances in the production area look beyond that business function for explanations of those variances?
Comment on the following statement made by a plant supervisor: 'Meetings with my plant accountant are frustrating. All he wants to do is pin the blame for the many variances he reports.'
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