ACC 349 Week 4 Individual Ch11 Q 2-11

This file ACC 349 Week 4 individual Ch11 Q 2 11 includes solutions to the following tasks:

1. (a) Explain the similarities and differences between standards and budgets.

2. (b) Contrast the accounting for standards and budgets.

3. In the direct labor variance matrix, there are three factors:

(1) Actual hour’s * Actual rate,

(2) Actual hour’s * Standard rate,

(3) Standard hour’s *Standard rate.

Using the numbers, indicate the formulas for each of the direct labor variances.