The Overall Revenue and Spending Variance (I

question 443

Multiple Choice

The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for October would be:

• A) $38,200 F
• B) $33,815 F
• C) $38,200 U
• D) $33,815 U

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Definitions:

Drawer's Account

In financial terms, the account belonging to the person who writes a check or draft instructing a bank to pay a designated amount of money.

Honor The Check

The act of a bank or financial institution completing the transaction by paying the amount specified on a check from the payer's account to the payee or holder.

Account Aggregation

A financial service that compiles information from various accounts, belonging to an individual or entity, into a single platform for easier management and analysis.

Financial Management

The strategic planning, organizing, directing, and controlling of financial undertakings in an organization or an institution; it also includes applying management principles to the financial assets of an organization.