Consider the problems below and how your understanding of these would benefit your analysis, application and presentation of cost accounting information gathered in the place you work. How may attention to these areas provide the competitive advantage or lack of attention loose competitive advantage for a company?

1. What do you mean by budget variance?

2. What is the effective way to incorporate variance analysis into budget process?

3. What are the differences between labor and material variances?

4. How is the quantity variance different from the rate variance?

5. What are the subcomponents of fixed overhead?

6. What are the subcomponents of variable overhead?

The paper should be between 5 and 7 pages and double-spaced. It should also be APA-formatted and include a title page and a reference page