Calculator Click to watch the Tell Me More Learning Objective 2 video and then a

Question

Calculator Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. The differences between actual and standard costs are called a. cost b. profit c quantity d. volume variances 2. A favorable cost variance results when a. actual cost is greater than standard cost at actual volumes. b. actual cost is less than standard cost at actual volumes. c. actual cost is equal to standard cost at actual volumes d. actual cost is greater than standard cost at budgeted volumes.

Explanation / Answer

Difference between actual cost and standard cost is called cost variance

A favorable cost variance results when the actual cost incurred is lower than what was expected considering the standard costs

Correct choice: B

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