Standard costing
Authored by Pim Chi
Business
University
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19 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
1. An appropriate standard cost is the per-unit cost incurred under:
A. Ideal operating conditions
B. Perfect operating conditions.
C. Normal, but efficient operating conditions.
D. Minimally acceptable operating conditions.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
2. In establishing standard costs for labor, management must look at all of the following except:
A. Time allowed to produce each product.
B. Direct labor requirements for each product.
C. The wage rate of a direct laborer.
D. The quantity of materials for each product.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
3. There is an unfavorable labor efficiency variance when:
A. Actual hours are greater than standard hours.
B. Actual hours are less than standard hours.
C. The standard rate per hour is greater than the actual rate per hour.
D. The standard rate per hour is less than the actual rate per hour.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
4. If the actual amount of direct materials used in production was less than the standard amount allowed for units produced, there was:
A. A favorable materials price variance.
B. A favorable total materials variance.
C. A favorable materials quantity variance.
D. An unfavorable materials quantity variance.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
5. If the hourly wage rate actually paid during January is higher than the standard rate, the result is:
A. An unfavorable labor rate variance.
B. A favorable labor rate variance.
C. An unfavorable labor efficiency variance.
D. A favorable total labor variance.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
6. The calculation of the labor efficiency variance is:
A. Standard hourly rate multiplied by (standard hours minus actual hours).
B. Standard hours multiplied by (standard rate minus actual rate).
C. Actual labor hours multiplied by (standard rate minus actual rate).
D. Actual rate multiplied by (standard hours minus actual hours).
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
7. What is the standard materials cost (cotton fabric) per unit of tablecloth?
A. 120 Baht
B. 140 Baht
C. 160 Baht
D. 180 Baht
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