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SingaporeAccountingQuick questions
Budgeting and Decision Making
Quick questions on Flexible budgets and variances explained: H2 Principles of Accounting
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are sales variances?Show answer
Sales variances explain why revenue or contribution differed:
What is q1?Show answer
Standard price is \5\ for used. Find the material price variance and its label. [2 marks]
What is q2?Show answer
Explain why fixed costs are not flexed when preparing a flexible budget. [2 marks]
What is q3?Show answer
A favourable sales price variance accompanies an adverse sales volume variance. Suggest a link. [3 marks]
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