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I’m really confused on 3 way variance.
I’m using Becker. (Ch. 2 – Budgeting)
What’s the difference between efficiency and volume? I thought they both relate to quantity?
What’s the difference between standard hours and budget hours? I thought they both relate to budget.
Lastly, when addressing questions on variances, once you understand the terminology and the formulas, are all the variances figured out the same way – whether dealing with materials, labor or overhead?
I believe they are approached the same way, correct? Just apply the same steps to the problem, regardless of what it’s asking for?
THANKS!!
FAR - 86 - 2/27/14
AUD - 75 - 5/29/14
BEC - 80 - 8/31/14
REG - 89 - 2/27/15
Praise Jesus! I'm done!!Study resources:
Becker
Wiley test bank
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