Man. Acct. Final ch8 MULTIPLE CHOICE

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The variable overhead efficiency variance is caused by the difference between which of the following?

actual and standard allocation base

The variable overhead rate variance is caused by the sum between which of the following?

actual and standard overhead rates

This standard is set at a level that may be reached with reasonable effort

attainable standard

This variance is the difference involving spending less, or using less than the standard amount

favorable variance

which of the following is a possible cause of an unfavorable labor rate variance?

hiring higher-quality workers at a higher wage

What are some possible reasons for a labor rate variance?

hiring less qualified workers

which of the following is a possible cause of an unfavorable labor efficiency variance?

hiring substandard workers

What are some possible reasons for a material price variance?

substandard material

Why does a company use a standard costing system?

to identify variances from actual cost that assist them in maintaining profits

When is the material price variance unfavorable?

When the actual price paid is greater than the standard price

This standard is set at a level that could be achieved if everything ran perfectly

ideal standard

Which of the following is a possible cause of an unfavorable material quantity vairance?

purchasing substandard material

this variance is the difference involving spending more or using more than the standard amount

unfavorable variance

when is the material quantity unfavorable?

when the actual quantity used is greater than the standard quantity

When is the material price variance favorable?

when the actual price is less than the standard price

when is the labor rate variance favorable?

when the actual price is less than the standard price

When is the labor rate variance unfavorable

when the actual price paid is greater than the standard price

When is the direct labor time variance unfavorable

when the actual quantity used is greater than the standard quantity

which of the following is a possible cause of an unfavorable material price variance?

purchasing higher-quality material

When is the material quantity variance favorable?

when the actual quantity used is less than standard quantity

when is the direct labor time variance favorable?

when the actual quantity used is less than the standard quantity.

What are some possible reasons for a direct labor time variance

less qualified workers

the fixed factory overhead variance is caused by the difference between which of the following?

actual fixed overhead and applied fixed overhead

What are some reasons for a material quantity variance?

more qualified workers

A flexible budget __________.

predicts estimated revenues and costs at varying levels of production


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