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.
Which of the following is/are reason(s) for adopting a standard costing system?
.
a. Facilitating decision making and product
costing
b. Improving planning and control
c. Both (a) and (b) are correct answers.
d. Neither (a) nor (b) are correct answers.
.
1 points
QUESTION 2
.
The total direct material variance is the combination of
.
a. the materials price variance and the materials usage variance.
b. the materials price variance and the materials efficiency variance.
c. the materials rate variance and the materials usage variance.
d. the materials efficiency variance and the materials usage
variance.
.
1 points
QUESTION 3
.
A general rule concerning a standard costing system is
.
a. actual costs are never entered into an inventory account.
b. actual costs are always entered into inventory accounts.
c. the difference between standard costs and actual costs are entered into inventory
accounts.
d. None of the above answers is correct.
.
1 points
QUESTION 4
.
The labor rate variance for Company XYZ for July was $600 U, and its total labor
variance was $100 F. The actual hours worked in July were 1,300; the actual average
pay rate for direct laborers was $20 per hour; and the standard pay rate was $18 per
hour. The standard DL hours for XYZ for July were
.
a. 1,575
hours.
b. 1,450
hours.
c. 1,400
hours.
d. 1,300
hours.
.
1 points
QUESTION 5
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The overhead variance analysis that shows the greatest amount of detail is the
.
a. two-variance analysis method.
b. three-variance analysis
method.
c. four-variance analysis method.
d. five-variance analysis
meethod.
.
…
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