When computing standard cost variances, the difference between actual an standar

Question

When computing standard cost variances, the difference between actual an standard price multiplied by actual quantity yields a(n): a. combined price and quantity variance b. efficiency variance. c. Price variance. d. quantity variance which one of the following iterms would never appear on a cash budget? a. Office salaries expense b. Interest expense c. Depreciation expense d. Travel expense 3. The materials quantity variance should be computed: a. when materials are purchased. b. based upon the amount of materials used in production. c. based upon the difference between the actual and standard prices per times the actual quantity used. d. only when there is a difference between standard and actual cost per the materials. 4. The starting point in preparing a master budget is the preparation of a. production budget. b. sales budget. c. purchasing budget. d. personnel budget. 5. The budget or schedule that provides necessary input data tor the d budget is the: a. raw materials purchases budget. b. production budget. c. schedule of cash collections. d. cash budget

Explanation / Answer

Answer 1 - Option c - Price variance Answer 2 - Option c - Depreciation expense Answer 3 - Option b - based upon the amount of materials used in production Answer 4 - Option b - Sales budget Answer 5 - Option b - Production budget

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