Cost Variance Analysis Presented by : Edmund C. Cabrera MBA Student Universidad de Manila Definitions STANDARD COSTS – are predetermined or target unit costs of production which should be attained under efficient conditions. It is the amount and costs of direct material‚ direct labor‚ and factory overhead required to produce one unit of finished product. STANDARD COST SYSTEM – is an accounting system which uses standard costs rather than actual costs to account for units as they flow through
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Armendez | 2010-13706 HRIM 115 Assignment No. 8 on Variance Analysis 1) Holiday Hotel budgeted 1‚000 room sales for the week ended September 10. The estimated average price per room was $28.50. The actual average price per room was 20% greater than anticipated‚ while room sales in units were 10% less than forecasted. a) Required : Compute and analyze the Room Revenue variance as discussed in class. Give 2 possible causes for the revenue variance (i.e. Why was actual price greater than budgeted
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system of performance evaluation of all employees. The purpose of the evaluation is to provide feedback to employees about their work performance; assist employees in staff and professional development; identify employees’ leadership qualities; and achieve the company’s goals. Therefore it is should be done seriously to ensure that the right objectives are tested. In this case‚ being a director in sales‚ Danny is supposed to be more supportive‚ enthusiastic in doing the performance appraisal with
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Advantages and Disadvantages of using cash to make payments Advantages Disadvantages Cash is the most common way of payment around the globe when compared to all other types of payment. As cash does not involve third-party action for its immediate conversion into other forms value. Cash requires no authorization for the person who carries it‚ thus it is convenient for those who desires small payment amounts to be used. The use of cash does not involve any transaction fees for both ends‚ that
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PROJECT PLANNING AND EVALUATION (under the Guidance and Supervision of Prof. Limuel C. Cirineo‚ Ed.D) I. INTRODUCTION: Before anyone is going to do something‚ there is nothing as sensible as planning. A plan as we know is something thought about and chalked out in advance before the real action takes place and is actually a recipe for success. But then‚ the word ’plan’ does not need much of a definition. It has been used so much that it has become quite hackneyed. So‚ we all know what it means
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Advantages and Disadvantages of Using the Internet - An argumentative essay. Nowadays‚ the Internet is growing rapidly. Many people open Internet because it assists a lot of benefits to humans. However‚ many people become victims after accessing the internet. In this essay‚ I will discuss the benefits and dangers of the internet. The internet has many benefits. One of these benefits of Internet is it is the medium of communication. There are many facilities on the internet helps us to communicate
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Advantages and disadvantages of living in the countryside Privacy If you like privacy‚ living in the country works well -- particularly if your home is situated in a remote area and you don’t have neighbors for miles. This also provides solitude. Less Pollution The countryside is generally quiet and peaceful -- certainly not as contaminated with toxic pollutants as the city. There isn’t as much traffic or smog or pollution from industry. Ecologically speaking‚ the advantages to living in the
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6. Budget : A budget is a financial document used to project future income and expenses. The budgeting process may be carried out by individuals or by companies to estimate whether the person/company can continue to operate with its projected income and expenses. A budget may be prepared simply using paper and pencil‚ or on computer using a spreadsheet program like Excel‚ or with a financial application like Quicken or QuickBooks. The process for preparing a monthly budget includes: • Listing
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The advantages of planning •Planning helps us to have a better idea about the course of action that we propose to take. •Planning better defines the course of action that we propose to undertake. •Planning gives a rough estimate of the time required for a project. •Planning gives us a fairly good idea about the expenses involved in the project. In fact a budget is also a plan‚ a financial plan. •Planning helps us to get prepared for emergencies that may arise during the course of the project
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The extent to which the plan is used over and over again. Time The length of time a plan covers; long-term vs. short-term. Scope The portion of the total management system at which the plan is aimed. Ex: HR Hiring plan vs. Corporate Quality plan. Level The level of the organization at which the plan is aimed. Ex: Top level plans vs. middle-management plans. Types of plans Standing plans Are used over and over again because they
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