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Budgeted costs at actual volume would be $25,344 ($21.12 1,200), and the total variance to be
explained is $2,536 Unfavorable ($27,880 $25,344). Be sure to specify whether the variance is
favorable or unfavorable.
4. Question : (TCO 2) Explain the difference between the accrual basis of accounting and the cash basis
of accounting.?
5. Question : (TCO 2) What is an audit (in the context of financial accounting)?
6. Question : (TCO 1) What are social responsibility and ethics as they relate to business-oriented
organizations? How should social responsibility and ethics affect the decisions of even for-profit
companies?
7. Question : (TCO 2) Define and describe the purpose of fund accounting (now called net assets).