Q1: How does variance analysis contribute to the strategic
management process?
• Q2: What is a standard costing system and how is it used?
• Q3: How are direct cost variances calculated?
• Q4: How is direct cost variance information analyzed and used?
• Q5: How are variable and fixed overhead variances calculated?
• Q6: How is overhead variance information analyzed and used?
• Q7: How are manufacturing cost variances closed?
• Q8: Which profit–related variances are commonly analyzed?
