A fixed budget performance report explains why actual costs such as for direct materials differed from the budgeted amounts.

A budget that is based on a single estimate of sales or production volume and that gives no consideration to the possibility that the actual sales or production volume may differ from the assumed amount is a master budget.

Standard material, labor and overhead costs can be found by looking up the particular cost in tables published by the PICPA.

A cost variance is the difference between actual cost and standard cost.

A direct labor cost variance may be broken into a controllable variance and a volume variance.

Overhead cost variance is the difference between the overhead actually incurred and the overhead budgeted at the operating level achieved.

Sales volume variance is budgeted unit price times the difference between actual inputs and budgeted inputs for the actual activity level achieved.

An efficiency variance is a flexible budget amounts less static budgeted amounts.

When standard costs are used, factory overhead is charged to production by means of a predetermined standard overhead rate.

Standard cost provide a basis for measuring the reasonableness of historically incurred costs.

A variable or flexible budget is so named because only variable costs are accounted for in it.

The department that is customarily held responsible for an unfavorable materials usage variance is the Purchasing Department.

A difference between standard costs used for cost control and the budgeted costs representing the same manufacturing effort can exist because standard costs represent what costs should be while budgeted costs represents expected actual costs.

The flexible budget variance in operating income is actual operating income less flexible budget operating income.

The primary objectives of standard costing is to allocate cost with accuracy.

A standard cost system may be used in job order costing but not in process costing.

A technique whereby management focuses its attention on areas in which actual costs are significantly different from standard costs and pays less attention to the cost situations in which performance is satisfactory is known as management by expectation.

The standards used by shoe manufacturers to determine size categories are best classified as productivity standards.

The best basis upon which cost standards should be set to measure controllable production inefficiencies is idle capacity.

When computing variances from standard costs, the difference between actual and standard price multiplied by actual quantity yields a

If a company follows the practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and recognize a direct material variance?

When using full absorption costing, what cost attendant to an element of production are used in order to compute variances from standard amounts?

A debit balance in the labor efficiency variance indicates that

When performing input-output variance analysis in standard costing , standard hours allowed is a means of measuring

Which of the following cost allocation methods would be used to determine the lowest price that could be quoted for a special order that would utilize idle capacity within production area?

Excess direct labor wages resulting from overtime premium will be disclosed in which type of variance?

What standard cost variance represents the difference between actual factory overhead incurred and budgeted factory overhead based on actual hours worked

Which of the following unfavorable variances would be directly affected by the relative position of a production process on a learning curve?

If the actual amount of materials used equals the standard amount of materials that should have been used, the difference between the standard cost and actual cost of materials is called