In this lesson, dive into the practical aspect of managerial accounting as Nick Palazzolo, CPA, demystifies variance analysis with a series of practice questions. Nick stresses the importance of memorizing variance formulas for scoring 'free points' on the exam and walks through how to methodically approach each question with a "plug and chug" mentality. From direct labor efficiency variances to variable overhead spending variances, learn how to decipher each part of the equation, understand the interplay of standard versus actual quantities and rates, and quickly identify whether a variance is favorable or unfavorable. With Nick's enthusiasm for the subject, grasp how to handle these questions deftly and recognize the influence different managerial roles have on various variances; all conveyed through relatable, scenario-driven examples.
Lesson: Variance Analysis - Practice Questions
In this lesson, dive into the practical aspect of managerial accounting as Nick Palazzolo, CPA, demystifies variance analysis with a series of practice questions. Nick stresses the importance of memorizing variance formulas for scoring 'free points' on the exam and walks through how to methodically approach each question with a "plug and chug" mentality. From direct labor efficiency variances to variable overhead spending variances, learn how to decipher each part of the equation, understand the interplay of standard versus actual quantities and rates, and quickly identify whether a variance is favorable or unfavorable. With Nick's enthusiasm for the subject, grasp how to handle these questions deftly and recognize the influence different managerial roles have on various variances; all conveyed through relatable, scenario-driven examples.
Updated: May 31, 2022 Create an account