Standard v budget, optimum levels, variances, WIP

Standard v budget, optimum levels, variances, WIP

Question 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
Option 2: BudgetQuestion 3Which of the following standards represent optimum levels of performance under perfect operating conditions?Option 1: Ideal standard
Option 2: Normal standardQuestion 4The following options are the causes of which of the given variances?
 paying workers higher wages than expected.
 Misallocation of workers. Option 1: Labor price variance
Option 2: Direct Labor variance
Option 3: Material varianceQuestion 5Which of the following costs are applied to work in process on the basis of the standard hours allowed for the work done?Option 1: Fixed costs
Option 2: Manufacturing overhead costs
Option 3: Variable costsQuestion 6Which of the following types of incremental analysis assumes that sales of products in other markets are not affected by special order?Option 1: Accept an order at a special price
Option 2: Sell or process further
Option 3: Allocate limited resourcesQuestion 7Which of the following options is defined as difference between actual overhead costs and overhead costs applied to work done?Option 1: Total Overhead Variance
Option 2: Manufacturing overhead Variance
Option 3: Material Variance Question 8Eliminate an Unprofitable Segment does not include which of the following options?Option 1: It focus on relevant costs profit entities.
Option 2: It considers effect on related product lines.
Option 3: It obtains additional business by making a major price concession to a specific customer.Question 9Which of the following techniques is based directly on accounting data?Identify the correct option to fill in the given blank.Option 1: Cash Payback
Option 2: Annual Rate of Return
Option 3: Discounted Cash FlowQuestion 10 Consider the following statements.Statement A: Financial information includes revenues and costs as well as their effect on overall profitability.
Statement B: Non-financial information includes effect on employee turnover, the environment, or overall company image.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Both can be per unit and total amount.Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
It provides benchmarks for comparisonQuestion 3Which of the following standards represent optimum levels of performance under perfect operating …The response discusses the Standard versus budget, optimum levels, variances, work in progress, overhead costs.

Standard v budget, optimum levels, variances, WIP

Question 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
Option 2: BudgetQuestion 3Which of the following standards represent optimum levels of performance under perfect operating conditions?Option 1: Ideal standard
Option 2: Normal standardQuestion 4The following options are the causes of which of the given variances?
 paying workers higher wages than expected.
 Misallocation of workers. Option 1: Labor price variance
Option 2: Direct Labor variance
Option 3: Material varianceQuestion 5Which of the following costs are applied to work in process on the basis of the standard hours allowed for the work done?Option 1: Fixed costs
Option 2: Manufacturing overhead costs
Option 3: Variable costsQuestion 6Which of the following types of incremental analysis assumes that sales of products in other markets are not affected by special order?Option 1: Accept an order at a special price
Option 2: Sell or process further
Option 3: Allocate limited resourcesQuestion 7Which of the following options is defined as difference between actual overhead costs and overhead costs applied to work done?Option 1: Total Overhead Variance
Option 2: Manufacturing overhead Variance
Option 3: Material Variance Question 8Eliminate an Unprofitable Segment does not include which of the following options?Option 1: It focus on relevant costs profit entities.
Option 2: It considers effect on related product lines.
Option 3: It obtains additional business by making a major price concession to a specific customer.Question 9Which of the following techniques is based directly on accounting data?Identify the correct option to fill in the given blank.Option 1: Cash Payback
Option 2: Annual Rate of Return
Option 3: Discounted Cash FlowQuestion 10 Consider the following statements.Statement A: Financial information includes revenues and costs as well as their effect on overall profitability.
Statement B: Non-financial information includes effect on employee turnover, the environment, or overall company image.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Both can be per unit and total amount.Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
It provides benchmarks for comparisonQuestion 3Which of the following standards represent optimum levels of performance under perfect operating …The response discusses the Standard versus budget, optimum levels, variances, work in progress, overhead costs.

Standard v budget, optimum levels, variances, WIP

Question 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
Option 2: BudgetQuestion 3Which of the following standards represent optimum levels of performance under perfect operating conditions?Option 1: Ideal standard
Option 2: Normal standardQuestion 4The following options are the causes of which of the given variances?
 paying workers higher wages than expected.
 Misallocation of workers. Option 1: Labor price variance
Option 2: Direct Labor variance
Option 3: Material varianceQuestion 5Which of the following costs are applied to work in process on the basis of the standard hours allowed for the work done?Option 1: Fixed costs
Option 2: Manufacturing overhead costs
Option 3: Variable costsQuestion 6Which of the following types of incremental analysis assumes that sales of products in other markets are not affected by special order?Option 1: Accept an order at a special price
Option 2: Sell or process further
Option 3: Allocate limited resourcesQuestion 7Which of the following options is defined as difference between actual overhead costs and overhead costs applied to work done?Option 1: Total Overhead Variance
Option 2: Manufacturing overhead Variance
Option 3: Material Variance Question 8Eliminate an Unprofitable Segment does not include which of the following options?Option 1: It focus on relevant costs profit entities.
Option 2: It considers effect on related product lines.
Option 3: It obtains additional business by making a major price concession to a specific customer.Question 9Which of the following techniques is based directly on accounting data?Identify the correct option to fill in the given blank.Option 1: Cash Payback
Option 2: Annual Rate of Return
Option 3: Discounted Cash FlowQuestion 10 Consider the following statements.Statement A: Financial information includes revenues and costs as well as their effect on overall profitability.
Statement B: Non-financial information includes effect on employee turnover, the environment, or overall company image.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Both can be per unit and total amount.Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
It provides benchmarks for comparisonQuestion 3Which of the following standards represent optimum levels of performance under perfect operating …The response discusses the Standard versus budget, optimum levels, variances, work in progress, overhead costs.

Standard v budget, optimum levels, variances, WIP

Question 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
Option 2: BudgetQuestion 3Which of the following standards represent optimum levels of performance under perfect operating conditions?Option 1: Ideal standard
Option 2: Normal standardQuestion 4The following options are the causes of which of the given variances?
 paying workers higher wages than expected.
 Misallocation of workers. Option 1: Labor price variance
Option 2: Direct Labor variance
Option 3: Material varianceQuestion 5Which of the following costs are applied to work in process on the basis of the standard hours allowed for the work done?Option 1: Fixed costs
Option 2: Manufacturing overhead costs
Option 3: Variable costsQuestion 6Which of the following types of incremental analysis assumes that sales of products in other markets are not affected by special order?Option 1: Accept an order at a special price
Option 2: Sell or process further
Option 3: Allocate limited resourcesQuestion 7Which of the following options is defined as difference between actual overhead costs and overhead costs applied to work done?Option 1: Total Overhead Variance
Option 2: Manufacturing overhead Variance
Option 3: Material Variance Question 8Eliminate an Unprofitable Segment does not include which of the following options?Option 1: It focus on relevant costs profit entities.
Option 2: It considers effect on related product lines.
Option 3: It obtains additional business by making a major price concession to a specific customer.Question 9Which of the following techniques is based directly on accounting data?Identify the correct option to fill in the given blank.Option 1: Cash Payback
Option 2: Annual Rate of Return
Option 3: Discounted Cash FlowQuestion 10 Consider the following statements.Statement A: Financial information includes revenues and costs as well as their effect on overall profitability.
Statement B: Non-financial information includes effect on employee turnover, the environment, or overall company image.Option 1: Statement A is true and Statement B is false
Option 2: Statement A is false and Statement B is true
Option 3: Both Statements A and B are true
Option 4: Both Statements A and B are falseQuestion 1Consider the following statements.Statement A: A standard is a unit amount.
Statement B: A budget is a total amount.Both can be per unit and total amount.Option 4: Both Statements A and B are falseQuestion 2___________ contribute to management control by providing basis for evaluation of cost control.Option 1: Standard costs
It provides benchmarks for comparisonQuestion 3Which of the following standards represent optimum levels of performance under perfect operating …The response discusses the Standard versus budget, optimum levels, variances, work in progress, overhead costs.



























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