Question 1

Health insurance and other benefits are part of the calculation of the standard price for direct labor.

Accepted Answer

A) True 
 B)False

Question 2

Use the following information to answer Questions below.
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product:
  
-Determine the labor efficiency variance.

Accepted Answer

A)  $597 U 
B)  $597 F 
C)  $600 U 
D)  $600 F 
E)  None of the above 
A)  $597 U 
B)  $597 F 
C)  $600 U 
D)  $600 F 
E)  None of the above

Question 3

Use the following information to answer Questions below.
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product:
  
-Determine the materials price variance.

Accepted Answer

A)  $620 F 
B)  $620 U 
C)  $180 F 
D)  $180 U 
E)  None of the above 
A)  $620 F 
B)  $620 U 
C)  $180 F 
D)  $180 U 
E)  None of the above

Question 4

In recording variable overhead application, when there is a higher rate paid and greater driver usage than expected, the entry includes a:

Accepted Answer

A)  CREDIT to Variable Overhead Spending Variance 
B)  DEBIT to Work in Process Inventory 
C)  DEBIT to Manufacturing Overhead 
D)  CREDIT to Variable Overhead Efficiency Variance 
E)  None of the above 
A)  CREDIT to Variable Overhead Spending Variance 
B)  DEBIT to Work in Process Inventory 
C)  DEBIT to Manufacturing Overhead 
D)  CREDIT to Variable Overhead Efficiency Variance 
E)  None of the above

Question 5

Unlike direct materials, the sum of all the direct labor variances is always equal to the flexible budget variance.

Accepted Answer

A) True 
 B)False

Question 6

The sum of the direct labor rate and efficiency variances is equal to:

Accepted Answer

A)  The Flexible Budget Variance 
B)  The Split Cost 
C)  The Standard Cost 
D)  The Actual Budget Variance 
E)  None of the above 
A)  The Flexible Budget Variance 
B)  The Split Cost 
C)  The Standard Cost 
D)  The Actual Budget Variance 
E)  None of the above

Question 7

For direct labor, if the efficiency and rate variances are both negative, then the flexible budget variance will be unfavorable.

Accepted Answer

A) True 
 B)False

Health insurance and other benefits are part of the calculation of the standard price for direct labor.

Use the following information to answer Questions below. The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: -Determine the labor efficiency variance.

Use the following information to answer Questions below. The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: -Determine the materials price variance.

In recording variable overhead application, when there is a higher rate paid and greater driver usage than expected, the entry includes a:

Unlike direct materials, the sum of all the direct labor variances is always equal to the flexible budget variance.

The sum of the direct labor rate and efficiency variances is equal to:

For direct labor, if the efficiency and rate variances are both negative, then the flexible budget variance will be unfavorable.

Overview of Managerial Accounting

Managerial Accounting Concepts and Cost Flows

Cost Accounting Systems: Job Order Costing

Cost Accounting Systems: Process Costing

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costing: A Tool for Decision Making

Relevant Costs and Short-Term Decision Making

Planning and Budgeting

Flexible Budgets, Segment Analysis, and Performance Reporting

Capital Budgeting

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Appendix: Accounting and the Time Value of Money

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Exam 10: Standard Costing and Variance Analysis

Health insurance and other benefits are part of the calculation of the standard price for direct labor.

Use the following information to answer Questions below. The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: -Determine the labor efficiency variance.

Use the following information to answer Questions below. The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: -Determine the materials price variance.

In recording variable overhead application, when there is a higher rate paid and greater driver usage than expected, the entry includes a:

Unlike direct materials, the sum of all the direct labor variances is always equal to the flexible budget variance.

The sum of the direct labor rate and efficiency variances is equal to:

For direct labor, if the efficiency and rate variances are both negative, then the flexible budget variance will be unfavorable.

Overview of Managerial Accounting

Managerial Accounting Concepts and Cost Flows

Cost Accounting Systems: Job Order Costing

Cost Accounting Systems: Process Costing

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costing: A Tool for Decision Making

Relevant Costs and Short-Term Decision Making

Planning and Budgeting

Flexible Budgets, Segment Analysis, and Performance Reporting

Capital Budgeting

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Appendix: Accounting and the Time Value of Money

Filters