Which of the following statements which of the following statements regarding standard cost systems is true?

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Quiz Standard Costing 2222012 Print

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Related Questions

• Q74:

  A standard cost system may be used in A)job order costing,but not process costing. B)process costing,but not job order costing. C)either job order costing or process costing. D)neither job order costing nor process costing.

• Q75:

  The two components of total material/labor variance are ______________________________ and ___________________________________

• Q76:

  When multiple labor categories are used,the financial effect of using a different mix of workers in a production process is referred to as a _________________________ variance.

• Q77:

  The difference between actual and budgeted fixed factory overhead is referred to as a __________________________________________________.

• Q78:

  Standards that allow for waste and inefficiency are referred to as ______________________________.

• Q80:

  Standards that are attainable with reasonable effort are referred to as ___________________________________.

• Q81:

  A company would most likely have an unfavorable labor rate variance and a favorable labor efficiency variance if A)the mix of workers used in the production process was more experienced than the normal mix. B)the mix of workers used in the production process was less experienced than the normal mix. C)workers from another part of the plant were used due to an extra heavy production schedule. D)the purchasing agent acquired very high quality material that resulted in less spoilage.

• Q82:

  If actual direct labor hours (DLHs)are less than standard direct labor hours allowed and overhead is applied on a DLH basis,a(n) A)favorable variable overhead spending variance exists. B)favorable variable overhead efficiency variance exists. C)favorable volume variance exists. D)unfavorable volume variance exists.

• Q83:

  A bill of material does not include A)quantity of component inputs. B)price of component inputs. C)quality of component inputs. D)type of product output.

• Q84:

  Which of the following standards can commonly be reached or slightly exceeded by workers in a motivated work environment?  Ideal‾ \text {\underline{ Ideal} }             Practical‾ \text {\underline{ Practical} }              Expected annual‾ \text {\underline{ Expected annual} } A)no no no B)no yes yes C)yes yes no D)no yes no

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