Chapter 23 Practice Materials

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1、Chapter23/PerformanceEvaluationUsingVariancesFromStandardCostsF243Chapter23PerformanceEvaluationUsingVariancesFromStandardCostsMULTIPLECHOICE1.Whichofthefollowingconditionsnormallywouldnotindicatethatstandardcostsshouldberevised?a.Theengineeringdepartmenthasrevisedproductspecif

2、icationsinrespondingtocustomersuggestions.b.Thecompanyhassignedanewunioncontractwhichincreasesthefactorywagesonaverageby$2.00anhour.c.Actualcostsdifferedfromstandardcostsfortheprecedingweek.d.Theworldpriceofrawmaterialsincreased.ANS:CDIF:DifficultOBJ:23-01NAT:AACSBAnalytic

3、IMA-

4、PerformanceMeasurement2.Standardsthatrepresentlevelsofoperationthatcanbeattainedwithreasonableeffortarecalled:a.theoreticalstandardsb.idealstandardsc.variablestandardsd.normalstandardsANS:DDIF:DifficultOBJ:23-01NAT:AACSBAnalytic

5、IMA-PerformanceMeasurement3.Manufacturingcompanie

6、susestandardcostsforthefollowingexcept:a.Variablecostsb.DirectMaterialsc.DirectLabord.FactoryOverheadANS:ADIF:EasyOBJ:23-01NAT:AACSBAnalytic

7、IMA-PerformanceMeasurement4.Standardcostsareusedincompaniesforavarietyofreasons.Whichofthefollowingisnotoneofthebenefitsforusingstandardc

8、osts?a.Usedtoindicatewherechangesintechnologyandmachineryneedtobemade.b.Usedtovalueinventoryc.Usedtoplandirectmaterials,directlabor,andfactorymanufacturingcost.d.Usedtocontrolcosts.ANS:ADIF:EasyOBJ:23-01NAT:AACSBAnalytic

9、IMA-PerformanceMeasurementChapter23/PerformanceEvaluation

10、UsingVariancesFromStandardCostsF2435.Theprincipleofexceptionsallowsmanagerstoa.focusoncorrectingvariancesbetweenstandardcostsandactualcosts.b.focusoncorrectingvariancesbetweenvariablecostsandactualcosts.c.focusoncorrectingvariancesbetweencompetitor’scostsandactualcosts.d.focuso

11、ncorrectingvariancesbetweencompetitor’scostsandstandardcosts.ANS:ADIF:EasyOBJ:23-01NAT:AACSBAnalytic

12、IMA-PerformanceMeasurement6.Severalpeopleplayanessentialpartinsettingstandards.Whichofthefollowingisincorrectastosettingstandards?a.Accountantsexpressesjudgementindollarsandcent

13、s.b.Engineersidentifymaterial,labor,andmachinerequirem