Examlex
By preparing a four-column bank reconciliation ("proof of cash") for the last month of the year,an auditor will generally be able to detect:
Material Quantity Variance
A financial measurement that calculates the difference between the expected amount of materials and the actual amount used, affecting production costs and efficiency.
Material Price Variance
The difference between the actual cost of materials used to produce a product and the standard or expected cost.
Direct Material Variances
The difference between the actual cost of direct materials used in production and the standard cost, indicating efficiency in using materials.
Favorable Variances
Variances that occur when actual costs are less than standard or budgeted costs, or actual revenues exceed expectations, benefiting the company's financial performance.
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