ACC 311 Exam 3 Keller Test Questions All Solved Correct.

performance gap - Answer gap between an actual result and a benchmark/budget result variance - Answer difference between an actual result and a budgeted result (aka: "standard" or "expected performance" ineffective operation - Answer did not attain the goal of the operational unit inefficient operation - Answer the wasting of resources/inputs/capacity by the operational unit balanced scorecard - Answer listing of nonfinancial performance measures most companies utilize a combination of financial and nonfinancial measures for planning and control ideal standards - Answer type of standard: everything works out perfectly--- not used often, almost impossible practical standards - Answer type of standard: aka: currently attainable standards-- tight but attainable standard cost - Answer the budgeted cost-- usually on a per unit basis can be found on the "standard cost card" static budgets - Answer one activity level and is not changed (hence the name static) typically prepared prior to the beginning of the period. is the approved master budget static budget variance - Answer actual results compared with the static budget (level 1)--very little value because the company usually ends up comparing two different output levels variance analysis - Answer the investigation of the causes of variances flexible budgets - Answer can be highly summarized or highly detailed --- is adjusted to match the actual output quantity