How are standards used in budgetary performance, Accounting Basics

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How are standards used in budgetary performance

Questions:

1. How are standards used in budgetary performance evaluation?

2. What are the two variances between the actual cost and the standard cost for direct materials?

3. Discuss some possible causes of these variances.

4. The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these offsetting variances?

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Accounting Basics: How are standards used in budgetary performance

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Accounting Basics: How are standards used in budgetary performance

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