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Lecture Fundamentals of cost accounting (4th edition): Chapter 16 - Lanen, Anderson, Maher

(BQ) Chapter 16: Fundamentals of variance of analysis. After completing this chapter you should be able to: Use budgets for performance evaluation; develop and use flexible budgets; compute and interpret the sales activity variance; prepare and use a profit variance analysis; compute and use variable cost variances; compute and use fixed cost variances; from the appendix, understand how to record costs in a standard costing system. | © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Fundamentals of Cost Accounting, 4th edition Lanen/Anderson/Maher Fundamentals of Variance Analysis Chapter 16 Chapter 16: Fundamentals of Variance of Analysis In Chapter 13 we discussed the development of the master budget as a first step in the budgetary planning and control cycle. The budgeting process provides a means to coordinate activities among units of the organization, to communicate the organization’s goals to individual units, and to ensure adequate resources are available to carry out planned activities. While this planning aspect of the budget is important, it is not the only role budgets can play. In the control and evaluation activity, the performance of units and managers is evaluated and actions are taken in an attempt to improve performance. As we discussed in Chapter 14, evaluation requires a benchmark against which to measure performance. One benchmark for measuring performance is the budget. In this chapter, and in Chapter 17, we use the budgets to evaluate performance. Learning Objectives LO 16-1 Use budgets for performance evaluation. LO 16-2 Develop and use flexible budgets. LO 16-3 Compute and interpret the sales activity variance. LO 16-4 Prepare and use a profit variance analysis. LO 16-5 Compute and use variable cost variances. LO 16-6 Compute and use fixed cost variances. LO 16-7 (Appendix) Understand how to record costs in a standard costing system. After completing this chapter you should be able to: 1. Use budgets for performance evaluation. 2. Develop and use flexible budgets. 3. Compute and interpret the sales activity variance. 4. Prepare and use a profit variance analysis. 5. Compute and use variable cost variances. 6. Compute and use fixed cost variances. | © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Fundamentals of Cost Accounting, 4th edition Lanen/Anderson/Maher Fundamentals of Variance Analysis Chapter 16 Chapter 16: Fundamentals of Variance of Analysis In Chapter 13 we discussed the development of the master budget as a first step in the budgetary planning and control cycle. The budgeting process provides a means to coordinate activities among units of the organization, to communicate the organization’s goals to individual units, and to ensure adequate resources are available to carry out planned activities. While this planning aspect of the budget is important, it is not the only role budgets can play. In the control and evaluation activity, the performance of units and managers is evaluated and .