f5-test22

A variance is the difference between an actual result and an expected result?

• True

• False

Variance analysis is the process by which the total difference between standard and actual results is analyzed?

• True

• False

“Unforeseen discounts received” is one of the reasons for a favorable material variance?

• True

• False

'Theft” is one of the reasons for an adverse material variance?

• True

• False

'Theft” is one of the reasons for an adverse material variance?

• True

• False

“Use of workers at a lower rate of pay than Standard”is a reason of an adverse labour variance?

• True

• False

“Better quality of equipment or materials” may be a reason for a favourable labour efficiency variance?

• True

• False

The materials usage variance can be subdivided into a sales mix variance and a materials yield variance when more than one material is used in the product?

• True

• False

Calculating a mix and yield variance is only meaningful for control purposes when management is in a position to control the mix of materials used in production?

• True

• False

The sales volume variance can be analysed further into a sales mix variance and a sales quantity variance?

• True

• False