1.What is the purpose of variance analysis?

2.What is the difference between a Volume variance and Revenue/Spending variance?

3. What is the difference between Material Quantity variance and Material Price variance?

4. what are the differences between Direct Labor efficiency and Direct Labor rate variances? And Variable Overhead efficiency and rate variances?

5.Who in the organization should managerial accountants question about each type of variance?

6.What are the variance explanations used for?