
acc topic 11
Quiz
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Business
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University
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Practice Problem
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Hard
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the performance goals used by manufacturers?
Direct materials, Direct labor, Factory overhead
Ideal standards, Theoretical standards, Normal standards
Direct materials, Direct labor, Variable overhead
Direct materials, Direct labor, Fixed overhead
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a standard cost system?
To measure the difference between actual cost and standard cost
To focus only on efficiency improvements
To limit operating improvements
To determine actual cost and cost variances
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main criticism of using standards?
Workers focus on their own operations
Workers focus on efficiency improvements
Workers focus on the organization's objectives
Workers lose sight of larger objectives
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a budget performance report?
To review and revise standards
To summarize actual costs and standard amounts
To calculate direct materials variances
To measure the difference between actual cost and standard cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula to calculate direct materials price variance?
Actual Quantity x Actual Price
Standard Price x Actual Quantity
Standard Price (Actual Quantity – Standard Quantity)
Actual Quantity (Actual Price – Standard Price)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula to calculate direct materials quantity variance?
Standard Price (Actual Quantity – Standard Quantity)
Actual Quantity (Actual Price – Standard Price)
Standard Price x Actual Quantity
Actual Quantity x Actual Price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the interpretation of an unfavorable fixed factory overhead volume variance?
The company used its fixed overhead resources efficiently
The company used its fixed overhead resources more than expected
The company used its fixed overhead resources less than expected
The company used its fixed overhead resources at normal capacity
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