Q1Hello everyone! What is the difference between a static budget and a flexible budget? How does man

Q1Hello everyone! What is the difference between a static budget and a flexible budget? How does management use these budgets to gain insight into performance? Anyone?Q2Great post so far on the differences between static and flexible budgets! Taking a step back, let’s also discuss “setting” the standards! When it comes to setting the standards, how often should these be reviewed, in your opinion? Is there a rule of thumb for this process? Anyone?Q3Hello everyone! How is the preparation of a flexible budget like a parent or coach instructing a child? 🙂 Anyone?Q4Describe the variable overhead variances. How does a manager plan for these variances?Q5Also, how does the variable overhead variance compare to the fixed overhead variance? Anyone?Q6Hello everyone! Wow, great posts already in this week’s topic discussions concerning variances! Much has already been covered 🙂 So how about if we practice variance calculations and analysis this week? How about starting with Exercise 8-16 located on page 290 (or thereabouts) in the textbook! Who wants to get us started? Anyone? :-)8-16Variable manufacturing overhead, variance analysis. Esquire Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead costs) and one fixed-cost category (manufacturing overhead costs). Variable manufacturing overhead cost is allocated to each suit on the basis of budgeted direct manufacturing labor-hours per suit. For June 2014, each suit is budgeted to take 4 labor-hours. Budgeted variable manufacturing overhead cost per labor-hour is $12. The budgeted number of suits to be manufactured in June 2014 is 1,040.Actual variable manufacturing costs in June 2014 were $52,164 for 1,080 suits started and completed. There were no beginning or ending inventories of suits. Actual direct manufacturing labor-hours for June were 4,536.1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead.2. Comment on the results.AISQ1Last week, we discussed inventory control within the revenue cycle. What are threats to inventory within the production cycle (both threats to physical inventory and the data related to inventory)? What specific controls does an AIS offer to help prevent or at least detect these threats?Q2The major purpose of the systems analysis phase is to enable the study team members to familiarize themselves with a company’s current system so that they can make recommendations for improving it. Class: What is the role of accountants in ensuring that there are sufficient controls to safeguard the production cycle?Q3Class: Why should accountants be concerned about labor productivity? How is labor productivity related to product defect yield?Q4What is a payroll master file? Describe the types of errors that may occur in the master file and how they get there. How would you design payroll procedures to help prevent them?Q5Excellent points! When establishing controls within a payroll system, the implementation team should also design an effective audit trail, develop general and application controls for the computerized system, and create good documentation for the system. Because these controls will affect both the form and content of a company’s computer files, the team should create and implement these controls before converting accounting data files to alternate formats. Who should have access to payroll data?Q6Class: What kind of threat do unauthorized changes to the payroll master file pose to payroll processing? Can you relate separation of duties to the threat?