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Chapter 23 Performance Evaluation Using Variances from Standard Costs.
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Chapter 23 Performance Evaluation Using Variances from Standard Costs. Accounting 26th Ed by Warren -Test Bank

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  • 8 januari 2024
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  • 2022/2023
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CHAPTER 23: PERFORMANCE EVALUATION USING VARIANCES FROM
STANDARD COSTS
1. A variable cost system is an accounting system where standards are set for each manufacturing cost element.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

2. One reason not to depend solely on historical records to set standards is that there may be inefficiencies contained in
past costs.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

3. Standard costs serve as a device for measuring efficiency.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 23: Performance Evaluation Using Variances from Standard Costs




4. The standard cost is how much a product should cost to manufacture.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility ACCT.IMA.09 -
Performance Measurement BUSPROG: Analytic

5. Accounting systems that use standards for product costs are called standard cost systems.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

6. Accounting systems that use standards for product costs are called budgeted cost systems.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 23: Performance Evaluation Using Variances from Standard Costs




7. Normally, standard costs should be revised when labor rates change to incorporate new union contracts.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

8. Standard costs should always be revised when they differ from actual costs.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

9. Financial reporting systems that are guided by the principle of exceptions concept focus attention on variances from
standard costs.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

, Chapter 23: Performance Evaluation Using Variances from Standard Costs




10. In most businesses, cost standards are established principally by accountants.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

11. It is correct to rely exclusively on past cost data when establishing standards.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic

12. Ideal standards are developed under conditions that assume no idle time, no machine breakdowns, and no materials
spoilage.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.23-01 - 23-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 - Budgeting and Responsibility
ACCT.IMA.09 - Performance Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

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