Q: Reasons for adopting a standard costing system include a.
Reasons for adopting a standard costing system include a. to encourage purchasing managers to purchase cheap materials. b. to imitate most other firms. c. to enhance operational control. d. that the...
See AnswerQ: Standard costs are developed for a. direct materials.
Standard costs are developed for a. direct materials. b. direct labor. c. variable overhead. d. fixed overhead. e. all of these.
See AnswerQ: The underlying details for the standard cost per unit are provided in
The underlying details for the standard cost per unit are provided in a. the standard work-in-process account. b. the standard production budget. c. the standard cost sheet. d. the balance sheet. e....
See AnswerQ: The standard quantity of materials allowed is computed as a
The standard quantity of materials allowed is computed as a. Unit Quantity Standard × Standard Output. b. Unit Quantity Standard × Normal Output. c. Unit Quantity Standard × Practical Output. d. Unit...
See AnswerQ: For performance reporting, it is best to compare actual costs with
For performance reporting, it is best to compare actual costs with budgeted costs using a. short-term budgets. b. static budgets. c. flexible budgets. d. master budgets. e. none of these.
See AnswerQ: In a performance report that details the spending and efficiency variances,
In a performance report that details the spending and efficiency variances, which of the following columns will be found? a. A cost formula for each item b. A budget for actual hours for each item c....
See AnswerQ: The total fixed overhead variance is a. the difference
The total fixed overhead variance is a. the difference between actual and applied fixed overhead costs. b. the difference between budgeted and applied fixed overhead costs. c. the difference between...
See AnswerQ: The total fixed overhead variance can be expressed as the sum of
The total fixed overhead variance can be expressed as the sum of a. the spending and efficiency variances. b. the efficiency and volume variances. c. the spending and volume variances. d. the flexibl...
See AnswerQ: Because of the nature of fixed overhead items, the difference between
Because of the nature of fixed overhead items, the difference between the actual fixed overhead cost and the budgeted fixed overhead is a. likely to be small. b. likely to be large. c. usually a majo...
See AnswerQ: An unfavorable volume variance can occur because a. too
An unfavorable volume variance can occur because a. too much finished goods inventory was held. b. the company overproduced. c. the actual output was less than expected or practical capacity. d. the...
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