Define and describe: differential cost, differential analysis, quantitative and qualitative measures.

What decisions need to be made before accepting a special order at a special price? Does the

order in which these decisions might be made make any difference?

What is a budget? What is the master budget? What are the first and last budgets prepared in the master budget? What is a standard? What is the differences between an attainable or ideal standard? Is a budget likely to be absolutely accurate? If not, what is the difference between the budget $($or standard$)$ and actual performance called?

What are some differences between household, business, and governmental budgeting? $($From in$-$class presentation.$)$

The direct materials standard per unit of production were $20$ pounds of raw

materials at $$1$ per pound. Actual costs were $19$ pounds of raw materials at

$$1\mathrm{.}10$ per pound. What were the cost and quantity variances?

The direct labor standards per unit of production were $1$ hour of labor

at $$10$ per hour. Actual results were $0\mathrm{.}9$ hour of labor at $$11$ per

hour. What were the cost and quantity variances?

What are quantitative and qualitative decision making factors? Which is objective and which is subjective?

Is it possible that while there is an overall favorable variance between the standard cost to produce one complete unit of product and the actual cost to produce it$,$ there may be some unfavorable variances in the price or quantity of the materials, labor, and$/$or overhead used to produce that same unit of product?

What is Capital Budgeting? TVM $($Time Value of Money$)?$ What $3$ methods are used in evaluating$/$comparing Capital Budget proposals? Which do or do not take into consideration TVM$?$