What is the difference between a cost center and a profit center? Give an answer that demonstrates what critical element distinguishes the profit center from the cost center.
Question
1.) What is the difference between a cost center and a profit center? Give an
answer that demonstrates what critical element distinguishes the profit center from the cost center.
2.) Describe the difference between a centralized and a decentralized management style.
3.) What is the difference between traceable costs and common costs?
4.) What are the four segments of a traditional balanced scorecard?
5.) Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour. The job was completed in 630 hours and the average actual labor rate was $18.80 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.
6.) Annapolis Company completes job #601 which has a standard of 650 labor hours at a standard rate of $18.40 per hour. The job was completed in 510 hours and the average actual labor rate was $19.80 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.
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