1) Standard costs for company products are typically used for all except which o
ID: 2371125 • Letter: 1
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1) Standard costs for company products are typically used for all except which of the following? Question 1 options: Variance analysis and cost control Computing production costs in operating budgets Determining actual costs per unit Determining the cost of goods completed and transferred to finished goods inventory 2) Performance reports normally include all of the following except Question 2 options: standard costs. normal capacity. total plantwide overhead costs. budgeted costs. 3) Which of the following provides an explanation of why the variable overhead rate is separated from the fixed overhead rate in standard costing? Question 3 options: There is no justifiable reason; their separation is merely to simplify entries. Both calculations divide by the same direct labor hours, but the numerator is different for each calculation. The variable overhead rate is calculated using actual direct labor hours, whereas the fixed overhead rate is calculated using normal capacity direct labor hours. Different application bases are generally appropriate. 4) Multiplying the standard price of direct materials by the standard quantity for direct materials yields Question 4 options: the direct materials price variance. the direct materials quantity variance. the standard direct materials cost. nothing; the two components should be added together. 5) An expression of the hourly labor pay cost per function or job classification that is expected to exist during the next accounting period is the definition of a Question 5 options: direct labor time standard. direct materials quantity standard. direct labor rate standard. variable overhead rate. 6) A flexible budget is most useful Question 6 options: for budgeting and planning purposes. when actual output equals budgeted output. as a cost control tool to help evaluate performance. when a product's cost structure includes variable costs only. 7) In a standard costing system, standard costs eventually flow into the Question 7 options: Cost of Goods Sold account. Standard Cost account. Selling and Administrative Expenses account. Sales account. 8) The difference between actual quantity used and standard quantity multiplied by standard price is the equation for computing the Question 8 options: direct labor efficiency variance. direct materials price variance. direct labor rate variance. direct materials quantity variance. 9) Which of the following statements is not true? Question 9 options: Performance reports should be tailored to the responsibilities of the manager or department for which they are prepared. Performance reports normally report standard costs and variances. Performance reports should contain space for explanation of variances. Performance reports do not present the causes of variances.
10) Suppose the standard for a given cost during a period was $80,000. The actual cost for the period was $72,000. Under what circumstances would you consider the variance from budget to be a positive performance indication? Question 10 options: The cost is fixed, and actual production was 90 percent of the standard level of budgeted production. The cost is variable, and the standard cost noted above is the cost at a production level lower than the actual production level. The cost is variable, and actual production was 90 percent of the standard level of production. The cost is variable, and actual production was 75 percent of the standard level of production
1) Standard costs for company products are typically used for all except which of the following? Question 1 options: Variance analysis and cost control Computing production costs in operating budgets Determining actual costs per unit Determining the cost of goods completed and transferred to finished goods inventory
1) Standard costs for company products are typically used for all except which of the following?
1) Standard costs for company products are typically used for all except which of the following? Variance analysis and cost control Computing production costs in operating budgets Determining actual costs per unit Determining the cost of goods completed and transferred to finished goods inventory Variance analysis and cost control Computing production costs in operating budgets Determining actual costs per unit Determining the cost of goods completed and transferred to finished goods inventory 2) Performance reports normally include all of the following except Question 2 options: standard costs. normal capacity. total plantwide overhead costs. budgeted costs. 2) Performance reports normally include all of the following except 2) Performance reports normally include all of the following except standard costs. normal capacity. total plantwide overhead costs. budgeted costs. standard costs. normal capacity. total plantwide overhead costs. budgeted costs. 3) Which of the following provides an explanation of why the variable overhead rate is separated from the fixed overhead rate in standard costing? Question 3 options: There is no justifiable reason; their separation is merely to simplify entries. Both calculations divide by the same direct labor hours, but the numerator is different for each calculation. The variable overhead rate is calculated using actual direct labor hours, whereas the fixed overhead rate is calculated using normal capacity direct labor hours. Different application bases are generally appropriate. 3) Which of the following provides an explanation of why the variable overhead rate is separated from the fixed overhead rate in standard costing? 3) Which of the following provides an explanation of why the variable overhead rate is separated from the fixed overhead rate in standard costing? There is no justifiable reason; their separation is merely to simplify entries. Both calculations divide by the same direct labor hours, but the numerator is different for each calculation. The variable overhead rate is calculated using actual direct labor hours, whereas the fixed overhead rate is calculated using normal capacity direct labor hours. Different application bases are generally appropriate. There is no justifiable reason; their separation is merely to simplify entries. Both calculations divide by the same direct labor hours, but the numerator is different for each calculation. The variable overhead rate is calculated using actual direct labor hours, whereas the fixed overhead rate is calculated using normal capacity direct labor hours. Different application bases are generally appropriate. 4) Multiplying the standard price of direct materials by the standard quantity for direct materials yields Question 4 options: the direct materials price variance. the direct materials quantity variance. the standard direct materials cost. nothing; the two components should be added together. 4) Multiplying the standard price of direct materials by the standard quantity for direct materials yields 4) Multiplying the standard price of direct materials by the standard quantity for direct materials yields the direct materials price variance. the direct materials quantity variance. the standard direct materials cost. nothing; the two components should be added together. the direct materials price variance. the direct materials quantity variance. the standard direct materials cost. nothing; the two components should be added together. 5) An expression of the hourly labor pay cost per function or job classification that is expected to exist during the next accounting period is the definition of a Question 5 options: direct labor time standard. direct materials quantity standard. direct labor rate standard. variable overhead rate. 5) An expression of the hourly labor pay cost per function or job classification that is expected to exist during the next accounting period is the definition of a 5) An expression of the hourly labor pay cost per function or job classification that is expected to exist during the next accounting period is the definition of a direct labor time standard. direct materials quantity standard. direct labor rate standard. variable overhead rate. direct labor time standard. direct materials quantity standard. direct labor rate standard. variable overhead rate. 6) A flexible budget is most useful Question 6 options: for budgeting and planning purposes. when actual output equals budgeted output. as a cost control tool to help evaluate performance. when a product's cost structure includes variable costs only. 6) A flexible budget is most useful 6) A flexible budget is most useful for budgeting and planning purposes. when actual output equals budgeted output. as a cost control tool to help evaluate performance. when a product's cost structure includes variable costs only. for budgeting and planning purposes. when actual output equals budgeted output. as a cost control tool to help evaluate performance. when a product's cost structure includes variable costs only. 7) In a standard costing system, standard costs eventually flow into the Question 7 options: Cost of Goods Sold account. Standard Cost account. Selling and Administrative Expenses account. Sales account. 7) In a standard costing system, standard costs eventually flow into the 7) In a standard costing system, standard costs eventually flow into the Cost of Goods Sold account. Standard Cost account. Selling and Administrative Expenses account. Sales account. Cost of Goods Sold account. Standard Cost account. Selling and Administrative Expenses account. Sales account. 8) The difference between actual quantity used and standard quantity multiplied by standard price is the equation for computing the Question 8 options: direct labor efficiency variance. direct materials price variance. direct labor rate variance. direct materials quantity variance. 8) The difference between actual quantity used and standard quantity multiplied by standard price is the equation for computing the 8) The difference between actual quantity used and standard quantity multiplied by standard price is the equation for computing the direct labor efficiency variance. direct materials price variance. direct labor rate variance. direct materials quantity variance. direct labor efficiency variance. direct materials price variance. direct labor rate variance. direct materials quantity variance. 9) Which of the following statements is not true? Question 9 options: Performance reports should be tailored to the responsibilities of the manager or department for which they are prepared. Performance reports normally report standard costs and variances. Performance reports should contain space for explanation of variances. Performance reports do not present the causes of variances. 9) Which of the following statements is not true? 9) Which of the following statements is not true? Performance reports should be tailored to the responsibilities of the manager or department for which they are prepared. Performance reports normally report standard costs and variances. Performance reports should contain space for explanation of variances. Performance reports do not present the causes of variances. Performance reports should be tailored to the responsibilities of the manager or department for which they are prepared. Performance reports normally report standard costs and variances. Performance reports should contain space for explanation of variances. Performance reports do not present the causes of variances.
10) Suppose the standard for a given cost during a period was $80,000. The actual cost for the period was $72,000. Under what circumstances would you consider the variance from budget to be a positive performance indication? Question 10 options: The cost is fixed, and actual production was 90 percent of the standard level of budgeted production. The cost is variable, and the standard cost noted above is the cost at a production level lower than the actual production level. The cost is variable, and actual production was 90 percent of the standard level of production. The cost is variable, and actual production was 75 percent of the standard level of production
10) Suppose the standard for a given cost during a period was $80,000. The actual cost for the period was $72,000. Under what circumstances would you consider the variance from budget to be a positive performance indication?
10) Suppose the standard for a given cost during a period was $80,000. The actual cost for the period was $72,000. Under what circumstances would you consider the variance from budget to be a positive performance indication? The cost is fixed, and actual production was 90 percent of the standard level of budgeted production. The cost is variable, and the standard cost noted above is the cost at a production level lower than the actual production level. The cost is variable, and actual production was 90 percent of the standard level of production. The cost is variable, and actual production was 75 percent of the standard level of production The cost is fixed, and actual production was 90 percent of the standard level of budgeted production. The cost is variable, and the standard cost noted above is the cost at a production level lower than the actual production level. The cost is variable, and actual production was 90 percent of the standard level of production. The cost is variable, and actual production was 75 percent of the standard level of production Variance analysis and cost control Computing production costs in operating budgets Determining actual costs per unit Determining the cost of goods completed and transferred to finished goods inventory
Explanation / Answer
6 . for budgeting and planning purposes.
7.Cost of Goods Sold account.
8. direct materials quantity variance.
1.Determining the cost of goods completed and transferred to finished goods inventor
2. normal capacity.
3.
Performance reports should be tailored to the responsibilities of the manager or department for which they are prepared
4.
5.
Performance reports should be tailored to the responsibilities of the manager or department for which they are prepared
10.
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