Cost Analysis Final Exam Questions & Answers 2024/2025
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Cost Analysis
Institution
Cost Analysis
Cost Analysis Final Exam Questions & Answers 2024/2025
what is the definition of AP - ANSWERSactual cost/price per unit of materials or hours of labor
what is the definition of AQ - ANSWERSactual quantity of materials or hours of labor
what is the definition of SP - ANSWERSstandard cost/...
Cost Analysis Final Exam Questions &
Answers 2024/2025
what is the definition of AP - ANSWERSactual cost/price per unit of materials or hours of labor
what is the definition of AQ - ANSWERSactual quantity of materials or hours of labor
what is the definition of SP - ANSWERSstandard cost/price per unit of materials or hours of labor
what is the definition of SQ - ANSWERSstandard quantity of materials or hours of labor
a favorable fixed OH spending variance indicates that
a. budgeted fixed OH is less than actual fixed OH
b. budgeted fixed OH is greater than applied fixed OH
c. applied fixed OH is greater than budgeted fixed OH
d. actual fixed OH is less than budgeted fixed OH - ANSWERSd
under the two-variance approach, the volume variance is computed by subtracting ________ from
budgeted OH
a. applied OH
b. actual OH
c. budgeted fixed OH plus actual variable OH
d. budgeted variable OH - ANSWERSa
the standard cost card contains quantities and costs for
a. direct material only
b. direct labor only
c. direct material and direct labor only
, d. direct material, direct labor, and OH - ANSWERSd
in a standard cost system, WIP inventory is ordinarily debited with
a. actual costs of material & labor & a predetermined OH cost for OH
b. standard costs based on the level of input activity (such as direct labor hours worked)
c. standard costs based on standard quantities
d. actual costs of material, labor, & OH - ANSWERSc
when computing variances from standard costs, the difference between actual & standard price
multiplied by actual quantity used yields a ________
a. combined price-quantity variance
b. price variance
c. quantity variance
d. mix variance - ANSWERSb
the material price variance (computed at point of purchase) is
a. the difference between the actual cost of material purchased and the standard cost of material
purchased
b. the difference between the actual cost of material purchased & the standard cost of material used
c. primarily the responsibility of the production manager
d. both a & c - ANSWERSa
in standard cost, if the answer is positive - ANSWERSthe variance is unfavorable
in standard cost, if the answer is negative - ANSWERSthe variance is favorable
standard cost systems - ANSWERSan accounting system that ranks both standard & actual costs in the
accounting records
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