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8. The Smart CPA firm held an End of Tax Season party. Thecompany expected attendance of 75 people and prepared the followingbudget:Hotel room rental $600Food 1,000Entertainment 750Decorations 250Total Costs $2,600Seventy five people attended the party. The following costs wereincurred:Hotel room rental $600Food 1,150Entertainment 750Decorations 350Total Costs $2,850What is the variance for total costs?A) $300 UnfavorableB) $300 FavorableC) $250 FavorableD) $250 Unfavorable9. The various stages through which a product passes are calledthe ________.A) product life cycleB) value chainC) performance planD) product performance plan10. Research and development is the function of a value chainthat involves ________.A) the detailed design and engineering of products, services orprocessesB) the generation of ideas related to new products onlyC) the generation of ideas related to new products, services orprocessesD) the detailed design and engineering of new processes11. Which of the following is a major factor causing changes inmanagement accounting today?A) additional value chain functionsB) small advances in technologyC) increased global competitionD) shift to manufacturing-based economy