92% found this document useful (12 votes) 12K views 52 pages quiz in standard accouunting © Attribution Non-Commercial
(BY-NC) DOC, PDF, TXT or read online from Scribd Did you find this document useful?92% found this document useful (12 votes) 12K views52 pages Quiz Standard Costing 2222012 PrintYou're Reading a Free Preview You're Reading a Free Preview You're Reading a Free Preview  Chapter 7--Standard Costing and Variance Analysis TRUE/FALSE 1.Specifications for materials are compiled on a bill of materials. ANS:TDIF:EasyOBJ:7-2 2.Specifications for materials are compiled on a purchase requisition. ANS:FDIF:Easy OBJ:7-2 3.An operations flow document shows all processes necessary to manufacture one unit of a product. ANS:TDIF:EasyOBJ:7-2 4.A standard cost card is prepared after manufacturing standards have been developed for direct materials, direct labor, and factory overhead. ANS: TDIF:EasyOBJ:7-2 5.A standard cost card is prepared before developing manufacturing standards for direct materials, direct labor, and factory overhead. ANS:FDIF:EasyOBJ:7-2 6.The total variance can provide useful information about the source of cost differences. ANS:FDIF:EasyOBJ:7-2 7.The total variance does not provide useful information about the source of cost differences. ANS:TDIF:EasyOBJ:7-2 8.The formula for price/rate variance is (AP - SP) x AQ ANS:T DIF:ModerateOBJ:7-2 9.The formula for price/rate variance is (AP - SP) x SQ ANS:FDIF:ModerateOBJ:7-2 10.The price variance reflects the difference between the quantity of inputs used and the standard quantity allowed for the output of a period. ANS: FDIF:ModerateOBJ:7-2 11.The price variance reflects the difference between the price paid for inputs and the standard price for those inputs. ANS:TDIF:ModerateOBJ:7-2 248 Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. 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Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. When the standard cost is higher than the actual cost it causes?This difference between the standard cost vs actual cost is termed as Variance. If the Actual cost is higher than the standard, it creates an unfavorable variance. 2. The standard costs are inclusive in the net sales amount and is therefore not a part of the financial statements.
When actual costs are greater than the standard cost this is an variance?If the actual cost is less than the standard cost or the actual profit is higher than the standard profit, it is called favorable variance. On the contrary, if the actual cost is higher than the standard cost or profit is low, then it is called adverse variance.
What does the standard cost card contains quantities and costs for?A standard cost card contains an itemization of the standard amounts of materials, labor, and overhead required to create one unit of a product. The card also multiplies the standard cost of each of these line items by the quantities required to arrive at the total standard cost of a product.
What is the primary purpose of using a standard cost system?The main purpose of standard cost is to provide management with information on the day-to-day control of operations. Standard costs are predetermined costs that provide a basis for more effectively controlling costs.
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In a standard cost system, when production is greater than the estimated unit or denominator
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