Standard Costs and Variance Analysis Paper 1

1

The purpose of identifying manufacturing variances and assigning their responsibility to a person/department should be to






2

A difference between standard costs used for cost control and the budgeted costs of the same manufacturing effort can exist because






3

In a responsibility accounting system, a feedback report that focuses on the difference between budgeted amounts and actual amounts is an example of






4

Which of the following factors should not be considered when deciding whether to investigate a variance?






5

Which of the following management practices involves concentrating on areas that deserve attention and placing less attention on areas operating as expected?






6

Use of a standard cost system can include all of the following advantages except that it






7

Use of a standard cost system can include all of the following advantages except that it






8

The controller of a company holds a monthly meeting where any department that has a 10% unfavorable variance to budget must explain the variance and develop a plan to remedy the situation. This is an example of






9

The benefits of management by exception reporting include all of the following except a reduction in






10

Within a performance monitoring system, which of the following is the least valid reason for calculating variances between actual performance and budgeted performance?






Result

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