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

1. What is meant by budget variance?

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

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

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

5. What are the subcomponents of fixed overhead?

6. What are the subcomponents of variable overhead?

In addition to your textbook, you must use credible sources through the library.

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