Here are the 2nd set of 8 questions
9. Which of the following statements about standard cost accounting systems is true? (Points : 5)
Perfection (or ideal) standards should be used in most situations since an ideal standard facilitates the identification of abnormal inefficiencies.
Practical standards allow for normal machine downtime and employee rest periods.
Inspection time is generally considered to be value-added time.
Standard costing systems can be used only in manufacturing entities.
10. The individual generally responsible for explaining the direct-material price variance is the: (Points : 5)
11. Which variance is commonly associated with measuring the cost of under- or over-utilization of plant capacity? (Points : 5)
The variable-overhead spending variance.
The variable-overhead efficiency variance.
The fixed-overhead budget variance.
The fixed-overhead volume variance.
12. If a company uses standard costing, the manufacturing overhead applied to Work-in-Process Inventory would be computed as: (Points : 5)
standard hours x a predetermined (standard) overhead rate.
actual hours x a predetermined (standard) overhead rate.
standard hours x an actual overhead rate.
actual hours x an actual overhead rate.
Standard Company has developed standard manufacturing overhead costs based on a capacity of 180,000 direct labor hours as follows:
Standard overhead costs per unit:
Variable portion 2 hours @ $3 = $ 6 per unit
Fixed portion 2 hours @ $5 = $10 per unit
The following data pertain to operations in April:
Actual output 80,000 units
Actual direct labor cost $644,000
Actual direct labor hours worked 165,000 hours
Actual variable overhead cost incurred $518,000
Actual fixed overhead cost incurred $860,000
The fixed overhead budget variance for April was: (Points : 5)
The fixed overhead volume variance for April was: (Points : 5)
$ 60,000 favorable.
$ 60,000 unfavorable.
The variable factory overhead efficiency variance for April was: (Points : 5)
The variable overhead spending variance for April was: (Points : 5)
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