Respond to the following questions in your own words.
- What is variance analysis? Define and give an example of each of the following variances:  price variance,  usage variance,  efficiency variance,  overhead variance, and  budget variance
- What is ratio analysis? Discuss, with example, the following ratios:  efficiency ratio,  capacity ratio,  activity ratio.
- What is cost internal control? What are some of the commonly used cost internal control measures? Discuss, with an example of each.
- What is a flexible budget? Why is it important to have a flexible budget for government? Construct a flexible budget for a local water department. Make sure the budget includes information on the following: [a] direct labor, [b] direct materials, [c] variable overhead, [d] fixed overhead, and [e] total cost of supplying water for the budgeted year.
- APA format – include references
- 3 pages in length (excluding cover page, abstract, and reference list)