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CIPS Exam L3M2 Topic 4 Question 17 Discussion

Actual exam question for CIPS's L3M2 exam
Question #: 17
Topic #: 4
[All L3M2 Questions]

Thinking in accounting terms, when the cost does not match the budget figure, there could be said to be a:

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Suggested Answer: C

Actual cost and budgeted costs may / will vary. Examples might include materials variances and labour variances.


by Crista at Aug 03, 2024, 08:24 AM

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Isidra
2 months ago
I believe the correct answer is C) Variance because it represents the difference between actual cost and budgeted cost.
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Alpha
3 months ago
Haha, I'm picturing an accountant saying 'There's a real 'variety' in our costs this quarter!' C'mon, it's gotta be C) Variance. That's the standard term, unless they're trying to 'error' on the side of confusion.
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Marguerita
3 months ago
I'm not sure, but I think it could also be A) Discrepancy.
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Kris
3 months ago
Hmm, I'd have to go with C) Variance. The other choices sound a bit too 'creative' for an accounting exam. Unless they're testing our ability to think outside the box, which would be a real 'variance' from the norm.
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Hildred
3 months ago
C) Variance is the correct answer. The other options just sound like something you'd find in a thesaurus, not in real accounting lingo.
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Jenelle
1 months ago
C) Variance is the correct answer. The other options just sound like something you'd find in a thesaurus, not in real accounting lingo.
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Shaunna
1 months ago
D) Error
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Brandon
1 months ago
C) Variance
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Lezlie
1 months ago
B) Variety
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Brett
2 months ago
A) Discrepancy
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Daniel
3 months ago
Definitely C) Variance. I can't believe they'd try to trick us with options like 'Discrepancy' or 'Error'. Those sound like something my grandma would say.
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Lucina
2 months ago
Yeah, 'Discrepancy' and 'Error' definitely sound like red herrings in this case.
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Antonio
2 months ago
I agree, C) Variance is the correct term in accounting.
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Francesco
3 months ago
I agree with Jules, a difference between cost and budget is definitely a Variance.
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Mariann
3 months ago
I'm pretty sure the answer is C) Variance. That's the standard term used in accounting when the actual cost doesn't match the budgeted amount.
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Dierdre
2 months ago
Variance is the correct term for that situation in accounting.
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Maryrose
3 months ago
Yes, it's definitely a Variance when the cost doesn't match the budget.
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Tamar
3 months ago
I agree, the answer is C) Variance.
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Jules
3 months ago
I think the answer is C) Variance.
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