Budget variance - Study guides, Class notes & Summaries

PMI Prep Exam #2 Questions & Answers 2024/2025 Planned Value (PV) - ANSWERSis the amount of the budget that was allocated to the work that was planned to be completed by a specific date. So today's planned value is the value of the work that should have been accomplished by now. Earned Value (EV) - ANSWERSis the actual value of the work that has been completed so far, based on the budgeted funds assigned to that work. In other words, it's the approved cost estimate of an activity multi...

DRGs Diagnostic-Related Groups: payment rate based on specific diagnoses Prospective Payment System Used by Medicare-participating hospitals: pretreatment diagnosis billings based on DRGs; rate decided ahead of time between insurance companies and hospitals Exclusive Provider Used by HMO's: insurance coverage for contracted providers or institutions HMOs Health maintenance organizations: comprehensive healthcare to people who pay a fee for a fixed period of time Capitation...

1-1. Which key components make up the bookkeeping process? (1-2&4) Is the process of recording and classifying transactions (a financial event that is shown within a financial statement/report) 1-1a. What is budgeting (1-2)? It is an ongoing process coordinating resources and expenditures. It is comprised of: • Analysis of the past • Benchmarking (reviewing performance metrics) • Future Projections 1-1b. What does a budget reflect (1-2)? A business' priorities a...

Wise Practice Test Questions and Answers Graded A+ What does "budget variance" refer to? It represents the difference between the amount planned for a budget and the actual expenditure. How is the debt ratio defined? It illustrates the proportion of debt relative to an individual's net worth. What does a lower debt ratio indicate about a person's financial situation? It generally suggests that the individual is in a more stable financial position. How is the debt rati...

(According to Goldratt...) Team players put too much ____ into their estimated durations - Safety A task has a budget of $20,000 and a schedule duration of 5 days. Given an EV of $6,000 and a PV of $12,000 What is the task's SV (schedule variance)? Is the task ahead or behind schedule? - - $6,000 - The task is deeply behind schedule A task has a budget of $20,000 and a scheduled duration of 5 days If day 3 has just transpired, what is the PV, the BCWS? - $12,000 A task has a budget of ...

Horngren's Cost Accounting 17th Edition by Srikant M. Datar, Madhav V. Rajan test bank. Full Chapters test bank in PDF 1. The Manager and Management Accounting 2. An Introduction to Cost Terms and Purposes 3. Cost–Volume–Profit Analysis 4. Job Costing 5. Activity-Based Costing and Activity-Based Management 6. Master Budget and Responsibility Accounting 7. Flexible Budgets, Direct-Cost Variances, and Management Control 8. Flexible Budgets, Overhead Cost Variances, and Management Control 9. I...

L4M8 Procurement & Supply in Practice Questions and Answers 100% Pass How many stages are there within the CIPS Procurement Cycle? - Correct Answer ️️ - The CIPS procurement cycle has 13 stages: 1. Understand need and develop a high-level specification. 2. Market/commodity options including make-versus-but assessment. 3. Develop strategy/plan. 4. Pre-procurement market tests and market engagement. 5. Development of required documentation, e.g. request for quotation (RFQ). 6. Supplie...

Absorption costing - Answer A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs. Activity - Answer An event that causes the consumption of overhead resources in an organization. Activity base - Answer A measure of whatever causes the incurrence of a variable cost. For example, the total cost of surgical gloves in a hospital will increase as the number of surgeries increa...

ACC 241 Exam Questions With 100% Correct Answers (Verified And Updated) A favorable direct labor efficiency variance and an unfavorable direct labor rate variance might indicate which of the following? A) Unskilled workers using more actual hours than standard, paid at a higher rate per hour than the standard rate B) Unskilled workers using less actual hours than standard, paid a lesser rate per hour than the standard rate C) Skilled workers using less actual hours than standard, paid at...

ACC 241 Exam Questions With 100% Correct Answers (Verified And Updated) A favorable direct labor efficiency variance and an unfavorable direct labor rate variance might indicate which of the following? A) Unskilled workers using more actual hours than standard, paid at a higher rate per hour than the standard rate B) Unskilled workers using less actual hours than standard, paid a lesser rate per hour than the standard rate C) Skilled workers using less actual hours than standard, paid at...