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What is the difference between variable overhead cost variance and fixed overhead variance?
direct or indirect cost which increases or decreases with production are variable overheads such as, indirect material, indirect labor, utilities, maintenancd expansis etc.
expansis which does not fluctuate with increase or decrease of production called fixed overheads such as rent, salaries, insurance, professional membership like ISO etc.
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What is the difference between variable overheads cost variance andfixed overheads cost variance?
Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.
If actual overhead for the year is 33451 and applied overhead is 32000 is the overhead variance over applied or under applied assuming the amount is immaterial how would you dispose of the variance?
Difference between actual overhead and applied overhead is as follows: Difference = 33451 - 32000 = 1450 Difference of variance will be charged to income statement.
The difference between variable factory overhead incurred and total standard variable factory overhead based on the actual quantity of the cost driver for applying the overhead is the?
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What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
What is the difference between overhead cost and fixed cost?
Fixed cost is a cost that does not typically vary on unit production. On the other hand overhead cost is the summation of all variable cost.
What is the difference between variable overheads cost variance andfixed overheads cost variance?
Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.
Fixed-overhead budget variance?
Fixed overhead budgeted variance is the difference between estimated budgeted cost and actual fixed overhead cost of production.
If actual overhead for the year is 33451 and applied overhead is 32000 is the overhead variance over applied or under applied assuming the amount is immaterial how would you dispose of the variance?
Difference between actual overhead and applied overhead is as follows: Difference = 33451 - 32000 = 1450 Difference of variance will be charged to income statement.
What is difference between fixed overhead and variable overhead?
The difference between fixed overhead and variable overhead is that fixed overheads are the ones that do not change regardless and variable overheads are the ones that vary depending on the number of units that it produces. An example of fixed overhead is a managers salary.
The difference between variable factory overhead incurred and total standard variable factory overhead based on the actual quantity of the cost driver for applying the overhead is the?
cheatFAIL
What is variance?
In most production management systems, a "Planned" quantity and material cost is calculated based on the associated Bill of Materials (BOM) and Operatons being performed (Route) creating labor and overhead related costs. The "Actual" quantities, material costs, and labor/overhead costs are issued to a Work in Process (WIP) account and the quantities/values of the produced items are recieved from the WIP account. A variance usually occurs when there is a difference between the issued material cost plus labor and overhead and the recieved material cost of the produced item. The reasons for these variances can be differences in planned vs actual quantities, differences in system or planned cost of materials, labor, or overhead vs actual cost, or any other potential reason for an unplanned difference.
What is the difference between the coefficient of simple determination and that of multiple determination?
The coefficient of simple determination tells the proportion of variance in one variable that can be accounted for (or explained) by variance in another variable. The coefficient of multiple determination is the Proportion of variance X and Y share with Z; or proportion of variance in Z that can be explained by X & Y.
What difference between a favorable variance and an unfavorable variance?
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
What is a budget variance?
A budget "variance" is the difference between planned and actual performance.
What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
What is the difference between overhead cost and fixed cost?
Fixed cost is a cost that does not typically vary on unit production. On the other hand overhead cost is the summation of all variable cost.
