ACCT 361 Last Exam 2025/2026 Exam
Questions and Verified Answers |
1
Already Graded A+
Budgets - 🧠 ANSWER ✔✔Translating the goals and strategies of an organizational
into operational terms
A budgeting system provides for both? - 🧠 ANSWER ✔✔- Planning
-Control
Planning - 🧠 ANSWER ✔✔Development of future objectives and preparation of
various budgets to achieve objectives,
Control - 🧠 ANSWER ✔✔Steps taken by mgmt to ensure that the objectives set
down at the planning stage are attained.
Flexible budget - 🧠 ANSWER ✔✔Budgets that can be prepared at different levels
of activities.
Benefit: allow comparisons to be made.
100% GUARANTEED PASS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Flexible budget cost behavior patterns - 🧠 ANSWER ✔✔- DM, DL, and VOH are
variable costs.
2
-FOH is a fixed cost.
Total DM Variance equation - 🧠 ANSWER ✔✔= Material Quality variance +
Material Price Variance
Material Quality variance - 🧠 ANSWER ✔✔The amount contributable to using too
much or too little material, relative to standard,
Material Price Variance - 🧠 ANSWER ✔✔The amount attributed to paying too
much or too little for materials relative to standard.
Variance analysis - 🧠 ANSWER ✔✔= Actual - Budget
How are variances interpretated ? - 🧠 ANSWER ✔✔As Favorable (f) or
Unfavorable (u).
Interpretations for units, rev, and profits: - 🧠 ANSWER ✔✔Actual > Budget =
Favorable variance
Actual < Budget = Unfavorable variance
100% GUARANTEED PASS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Interpretations for Costs - 🧠 ANSWER ✔✔Actual > Budget = Unfavorable
variance
3
Actual < Budget = Favorable variance
AP stands for - 🧠 ANSWER ✔✔Actual Prices of inputs
SP stands for - 🧠 ANSWER ✔✔Standard Prices of inputs
AQ stands for - 🧠 ANSWER ✔✔Actual Quantity of inputs used to produce actual
quantity.
SQ stands for - 🧠 ANSWER ✔✔Standard Quality of inputs allowed for actual
quantity of output produced.
Standard Quantity term (SQ) - 🧠 ANSWER ✔✔Amount that should have been
used given the actual output achieved,
- Flexible budget amount.
SQ = - 🧠 ANSWER ✔✔AQ produced x standard input allowed/unit of output.
3 way analysis (SEV) - 🧠 ANSWER ✔✔1). Spending variance= VOH spending +
FOH spending
2). Efficiency Variance = VOH efficiency
100% GUARANTEED PASS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions and Verified Answers |
1
Already Graded A+
Budgets - 🧠 ANSWER ✔✔Translating the goals and strategies of an organizational
into operational terms
A budgeting system provides for both? - 🧠 ANSWER ✔✔- Planning
-Control
Planning - 🧠 ANSWER ✔✔Development of future objectives and preparation of
various budgets to achieve objectives,
Control - 🧠 ANSWER ✔✔Steps taken by mgmt to ensure that the objectives set
down at the planning stage are attained.
Flexible budget - 🧠 ANSWER ✔✔Budgets that can be prepared at different levels
of activities.
Benefit: allow comparisons to be made.
100% GUARANTEED PASS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Flexible budget cost behavior patterns - 🧠 ANSWER ✔✔- DM, DL, and VOH are
variable costs.
2
-FOH is a fixed cost.
Total DM Variance equation - 🧠 ANSWER ✔✔= Material Quality variance +
Material Price Variance
Material Quality variance - 🧠 ANSWER ✔✔The amount contributable to using too
much or too little material, relative to standard,
Material Price Variance - 🧠 ANSWER ✔✔The amount attributed to paying too
much or too little for materials relative to standard.
Variance analysis - 🧠 ANSWER ✔✔= Actual - Budget
How are variances interpretated ? - 🧠 ANSWER ✔✔As Favorable (f) or
Unfavorable (u).
Interpretations for units, rev, and profits: - 🧠 ANSWER ✔✔Actual > Budget =
Favorable variance
Actual < Budget = Unfavorable variance
100% GUARANTEED PASS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Interpretations for Costs - 🧠 ANSWER ✔✔Actual > Budget = Unfavorable
variance
3
Actual < Budget = Favorable variance
AP stands for - 🧠 ANSWER ✔✔Actual Prices of inputs
SP stands for - 🧠 ANSWER ✔✔Standard Prices of inputs
AQ stands for - 🧠 ANSWER ✔✔Actual Quantity of inputs used to produce actual
quantity.
SQ stands for - 🧠 ANSWER ✔✔Standard Quality of inputs allowed for actual
quantity of output produced.
Standard Quantity term (SQ) - 🧠 ANSWER ✔✔Amount that should have been
used given the actual output achieved,
- Flexible budget amount.
SQ = - 🧠 ANSWER ✔✔AQ produced x standard input allowed/unit of output.
3 way analysis (SEV) - 🧠 ANSWER ✔✔1). Spending variance= VOH spending +
FOH spending
2). Efficiency Variance = VOH efficiency
100% GUARANTEED PASS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
