ACC202 Chpt 10

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What is the difference between the actual cost of the input and its planned cost?

total budget variance

(T/F) To compute the standard direct labor hours allowed, multiply the unit labor standard by the actual output.

T

What is the equation for the materials price variance?

(Actual Price x Actual Quantity) - (Standard Price x Actual Quantity).

(T/F) Engineering studies are often too rigorous and may not be achievable by operating personnel.

T

(T/F) Standard costs are developed for direct materials, direct labor, and variable overhead only.

F

What is the equation for the materials usage variance?

Standard Price x Actual Quantity) - (Standard Price x Standard Quantity).

(T/F) An unfavorable price variance occurs whenever the actual prices are greater than the standard prices. (AQ * AP) - (AQ * SP) or (AP - SP) * AQ

T

(T/F) An unfavorable usage variance would occur when the actual usage of inputs is greater than the standard usage. (AQ * SP) - (SQ * SP) or (AQ-SQ)*SP

T

(T/F) The actual quantity of input at the standard price less than the standard quantity of input at the standard price equals the usage variance. (AQ * SP) - (SQ * SP) or (AQ - SQ) * SP

T

(T/F) The standard cost per unit of output for a particular input is calculated by multiplying the standard input price by the standard input allowed per unit of output produced.

T

(T/F) The sum of the price and usage variances will add up to the total materials variance only if the materials purchased is equal to the materials used.

T

(T/F) Unfavorable variances occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.

T

(T/F)The actual quantity of input at the actual price less the actual quantity of input at the standard price is the price variance. (AQ * AP) - (AQ * SP) or (AP - SP) * AQ

T

(T/F)The total budget variance is the difference between the actual cost of the input and its planned cost.

T

The usage variance is the difference between the actual and standard quantity of inputs....

multiplied by the standard unit price of the input.


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