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Academy For Math Engineering & Science (ames) ACCOUNTING 201 Chapter 10 Standard Costs and Variances

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Chapter 10 Standard Costs and Variances Question Type Di fficulty LO1: Materials variances LO2: Direct labor variances LO3: Variable overhead variances Other topics LO4: Fixed overhead variances (App 10A) LO5: Journal entries (App 10B) Professional Exam Adapted ID Origin CMA/CPA origin 1 T/F E x 5/e: 9-5 Authors 2 T/F E x 4/e: 9-519 Authors 3 T/F E x 5/e: 9-4 Authors 4 T/F E x 5/e: 9-6 Authors 5 T/F M x 2/e: 8-4 Authors 6 T/F E x 2/e: 8-8 Authors 7 T/F E x 5/e: 9-2 Authors 8 T/F M x 7/e: 10-5 Authors 9 T/F E x 6/e: 9-6 Authors 10 T/F E x 3/e: 9-11 Authors 11 Conceptual M/C E x x CMA 3/e: 9-13 CMA 12 Conceptual M/C M x x 7/e: 10-22 Authors 13 Conceptual M/C M x 7/e: 10-25 Authors 14 Conceptual M/C M x CMA 6/e: 9-63 CMA 15 Conceptual M/C M x 7/e: 10-24 Authors 16 Conceptual M/C E x 6/e: 9-42 Authors 17 Conceptual M/C M x CMA CMA,12/94,Part 3,Q24 CMA CMA,12/94,Part 3,Q24 18 Conceptual M/C E x 5/e: 9-17 Authors 19 Conceptual M/C M x 7/e: 10-27 Authors 20 Conceptual M/C M x CMA CMA,12/94,Part 3,Q25 CMA CMA,12/94,Part 3,Q25 10-1Chapter 10 Standard Costs and Variances 21 Conceptual M/C E x CMA CMA,12/95,Part 3,Q4 CMA CMA,12/95,Part 3,Q4 22 Conceptual M/C M x CMA CMA, 6/93, III-23 CMA CMA, 6/93, III-23 23 M/C H x 5/e: 9-24 to 25 Authors 24 M/C E x 4/e: 9-557 Authors 25 M/C E x 11/26/97,A6 E.N. 26 M/C E x 11/26/97,B6 E.N. 27 M/C H x 5/e: 9-26 Authors 28 M/C H x 6/e: 9-39 Authors 29 M/C H x CIMA CIMA,May 1996,Stage 2, Operational Cost Accounting, Q1.1 CIMA CIMA,May 1996, Stage 2, Operational Cost Accounting, Q1.1 30 M/C E x 11/26/97,C6 E.N. 31 M/C E x 11/26/97,D6 E.N. 32 M/C H x 4/e: 9-558 Authors 33 M/C H x 5/e: 9-41 Authors 34 M/C H x 5/e: 9-29 to 30 Authors 35 M/C H x CIMA CIMA,November 1996,Stage 1, Cost Accounting, Q1.7 CIMA CIMA, November 1996,Stage 1, Cost Accounting, Q1.7 36 M/C E x 11/26/97,E6 E.N. 37 M/C E x 11/26/97,F6 E.N. 38 M/C H x 5/4/2003 Single MC H4 E.N. 39 M/C M x 5/24/2003 Single MC L4 E.N. 40 M/C H x 5/5/2003 Single MC N4 E.N. 41 M/C H x 5/5/2003 Single MC O4 E.N. 42 M/C M x 5/5/2003 Single MC P4 E.N. 43 M/C M x 9/24/2004 Single MC AC4 E.N. 44 M/C M x 9/24/2004 Single MC AD4 E.N. 45 M/C M x 9/24/2004 Single MC AE4 E.N. 10-1 46-51 Multipart M/C E x x x 2/e: 8-8 to 13 Authors 10-2 52-56 Multipart M/C M x x x 6/e: 9-47 to 51 Authors 10-3 57-62 Multipart M/C M x x x 12/4/2009 Multi MC A1 E.N. 10-4 63-68 Multipart M/C E x x x 12/4/2009 Multi MC B1 E.N. 10-5 69-74 Multipart M/C M x x x 12/4/2009 Multi MC C1 E.N. 10-6 75-80 Multipart M/C E x x x 12/4/2009 Multi MC D1 E.N. 10-2Chapter 10 Standard Costs and Variances 10-7 81-86 Multipart M/C M x x x 12/4/2009 Multi MC E1 E.N. 10-8 87-92 Multipart M/C E x x x 12/4/2009 Multi MC F1 E.N. 10-9 93-98 Multipart M/C M x x x 12/4/2009 Multi MC G1 E.N. Multipart M/C E x x x 12/4/2009 Mulit MC H1 E.N. 10-11 104- 108 Multipart M/C E x x 5/e: 9-71 to 74 CMA Multipart M/C E x x 6/e: 9-17 to 20 Authors Multipart M/C M-H x x 6/e: 9-32 to 36 Authors Multipart M/C E x 11/26/97,A9 E.N. 10-15 120-121 Multipart M/C M x 12/4/2009 Multi MC I1 E.N. Multipart M/C E x 12/4/2009 Multi MC J1 E.N. Multipart M/C M x 12/4/2009 Multi MC K1 E.N. Multipart M/C M x 12/4/2009 Multi MC L1 E.N. Multipart M/C H x 6/e: 9-65 to 66 Authors Multipart M/C E x 11/26/97,B7 E.N. Multipart M/C M x 12/4/2009 Multi MC M1 E.N. Multipart M/C E x 12/4/2009 Multi MC N1 E.N. Multipart M/C M x 12/4/2009 Multi MC O1 E.N. Multipart M/C E x 12/4/2009 Multi MC P1 E.N. 10-25 140- 141 Multipart M/C E x 11/26/97,C7 E.N. Multipart M/C H x 6/e: 9-40 to 41 Authors 10-27 144- 145 Multipart M/C M x New,12/6/97,A7 E.N. 10-28 146- 147 Multipart M/C M x 9/24/2004 Multi MC G4 E.N. Multipart M/C E x 9/24/2004 Multi MC I4 E.N. 10-30 150- 151 Multipart M/C E x 9/24/2004 Multi MC L4 E.N. Multipart M/C M x 12/4/2009 Multi MC Q1 E.N. 10-32 154- 155 Multipart M/C E x 12/4/2009 Multi MC R1 E.N. 10-33 156- 157 Multipart M/C M x 12/4/2009 Multi MC S1 E.N. Multipart M/C M x 12/4/2009 Multi MC T1 E.N. 160 Problem M x x x 6/e: Problem 9-1 Authors 10-3Chapter 10 Standard Costs and Variances 161 Problem M x x x 12/4/2009 Problem A1 E.N. 162 Problem E x x x 12/4/2009 Problem B1 E.N. 163 Problem E x x x 12/4/2009 Problem C1 E.N. 164 Problem M x x x 12/4/2009 Problem D1 E.N. 165 Problem E x x x 12/4/2009 Problem E1 E.N. 166 Problem E x x x 12/4/2009 Problem F1 E.N. 167 Problem H x x 7/e: 10-Problem 76 Authors 168 Problem E x 11/26/97,A9 E.N. 169 Problem E x EN 4/21/2003 F4 E.N. 170 Problem E x EN 4/21/2003 G4 E.N. 171 Problem E x 11/26/97,B7 E.N. 172 Problem E x EN 4/21/2003 J4 E.N. 173 Problem E x EN 4/21/2003 K4 E.N. 174 Problem E x 11/26/97,C7 E.N. 175 Problem E x EN 4/21/2003 L4 E.N. 176 Problem E x EN 4/21/2003 M4 E.N. 177 Problem M x 9/24/2004 Problem G4 E.N. 178 Problem M x 9/24/2004 Problem I4 E.N. 179 Problem E x 9/24/2004 Problem L4 E.N. 180 Problem E x 9/24/2004 Problem M4 E.N. 10-4Chapter 10 Standard Costs and Variances Chapter 10 Standard Costs and Variances True / False Questions 1. The materials price variance is computed by multiplying the difference between the actual price and the standard price by the actual quantity of materials used in production. True False 2. In general, the purchasing agent is responsible for the materials price variance. True False 3. A materials price variance is favorable if the actual price exceeds the standard price. True False 4. Generally speaking, it is the responsibility of the production department to see that material usage is kept in line with standards. True False 5. When more hours of labor time are necessary to complete a job than the standard allows, the labor rate variance is unfavorable. True False 6. Standard costs should generally be based on the actual costs of prior periods. True False 7. The standard quantity per unit for direct materials should not include an allowance for waste. True False 10-5Chapter 10 Standard Costs and Variances 8. Ideal standards should be used for forecasting and planning. True False 9. The standard cost per unit is computed by multiplying the standard quantity or hours by the standard price or rate. True False 10. Standard costs greatly increase the complexity of the bookkeeping process. True False Multiple Choice Questions 11. When computing standard cost variances, the difference between actual and standard price multiplied by actual quantity yields a(n): A. combined price and quantity variance. B. efficiency variance. C. price variance. D. quantity variance. 12. The general model for calculating a price variance is: A. actual quantity of inputs × (actual price - standard price). B. standard price × (actual quantity of inputs - standard quantity allowed for output). C. (actual quantity of inputs at actual price) - (standard quantity allowed for output at standard price). D. actual price × (actual quantity of inputs - standard quantity allowed for output)

Meer zien Lees minder

Instelling

Vak

Voorbeeld van de inhoud

Chapter 10 Standard Costs and Variances

LO4: Fixed overhead variances (App 10A)
LO3: Variable overhead variances

LO5: Journal entries (App 10B)

Professional Exam Adapted
LO2: Direct labor variances
LO1: Materials variances

Other topics
Difficulty
Question Type ID Origin CMA/CPA origin
1 T/F E x 5/e: 9-5 Authors
2 T/F E x 4/e: 9-519 Authors
3 T/F E x 5/e: 9-4 Authors
4 T/F E x 5/e: 9-6 Authors
5 T/F M x 2/e: 8-4 Authors
6 T/F E x 2/e: 8-8 Authors
7 T/F E x 5/e: 9-2 Authors
8 T/F M x 7/e: 10-5 Authors
9 T/F E x 6/e: 9-6 Authors
10 T/F E x 3/e: 9-11 Authors
11 Conceptual M/C E x x CMA 3/e: 9-13 CMA
12 Conceptual M/C M x x 7/e: 10-22 Authors
13 Conceptual M/C M x 7/e: 10-25 Authors
14 Conceptual M/C M x CMA 6/e: 9-63 CMA
15 Conceptual M/C M x 7/e: 10-24 Authors
16 Conceptual M/C E x 6/e: 9-42 Authors
17 Conceptual M/C M x CMA CMA,12/94,Part 3,Q24 CMA CMA,12/94,Part 3,Q24
18 Conceptual M/C E x 5/e: 9-17 Authors
19 Conceptual M/C M x 7/e: 10-27 Authors
20 Conceptual M/C M x CMA CMA,12/94,Part 3,Q25 CMA CMA,12/94,Part 3,Q25

10-1

,Chapter 10 Standard Costs and Variances

21 Conceptual M/C E x CMA CMA,12/95,Part 3,Q4 CMA CMA,12/95,Part 3,Q4
22 Conceptual M/C M x CMA CMA, 6/93, III-23 CMA CMA, 6/93, III-23
23 M/C H x 5/e: 9-24 to 25 Authors
24 M/C E x 4/e: 9-557 Authors
25 M/C E x 11/26/97,A6 E.N.
26 M/C E x 11/26/97,B6 E.N.
27 M/C H x 5/e: 9-26 Authors
28 M/C H x 6/e: 9-39 Authors
CIMA,May 1996,
CIMA,May 1996,Stage 2, Stage 2, Operational
29 M/C H x CIMA Operational Cost Accounting, Q1.1 CIMA Cost Accounting, Q1.1
30 M/C E x 11/26/97,C6 E.N.
31 M/C E x 11/26/97,D6 E.N.
32 M/C H x 4/e: 9-558 Authors
33 M/C H x 5/e: 9-41 Authors
34 M/C H x 5/e: 9-29 to 30 Authors
CIMA,
CIMA,November 1996,Stage 1, November 1996,Stage 1,
35 M/C H x CIMA Cost Accounting, Q1.7 CIMA Cost Accounting, Q1.7
36 M/C E x 11/26/97,E6 E.N.
37 M/C E x 11/26/97,F6 E.N.
38 M/C H x 5/4/2003 Single MC H4 E.N.
39 M/C M x 5/24/2003 Single MC L4 E.N.
40 M/C H x 5/5/2003 Single MC N4 E.N.
41 M/C H x 5/5/2003 Single MC O4 E.N.
42 M/C M x 5/5/2003 Single MC P4 E.N.
43 M/C M x 9/24/2004 Single MC AC4 E.N.
44 M/C M x 9/24/2004 Single MC AD4 E.N.
45 M/C M x 9/24/2004 Single MC AE4 E.N.
10-1 46-51 Multipart M/C E x x x 2/e: 8-8 to 13 Authors
10-2 52-56 Multipart M/C M x x x 6/e: 9-47 to 51 Authors
10-3 57-62 Multipart M/C M x x x 12/4/2009 Multi MC A1 E.N.
10-4 63-68 Multipart M/C E x x x 12/4/2009 Multi MC B1 E.N.
10-5 69-74 Multipart M/C M x x x 12/4/2009 Multi MC C1 E.N.
10-6 75-80 Multipart M/C E x x x 12/4/2009 Multi MC D1 E.N.

10-2

,Chapter 10 Standard Costs and Variances

10-7 81-86 Multipart M/C M x x x 12/4/2009 Multi MC E1 E.N.
10-8 87-92 Multipart M/C E x x x 12/4/2009 Multi MC F1 E.N.
10-9 93-98 Multipart M/C M x x x 12/4/2009 Multi MC G1 E.N.
10-10 99-104 Multipart M/C E x x x 12/4/2009 Mulit MC H1 E.N.
104-
10-11 108 Multipart M/C E x x 5/e: 9-71 to 74 CMA
10-12 109-112 Multipart M/C E x x 6/e: 9-17 to 20 Authors
10-13 113-117 Multipart M/C M-H x x 6/e: 9-32 to 36 Authors
10-14 118-119 Multipart M/C E x 11/26/97,A9 E.N.
10-15 120-121 Multipart M/C M x 12/4/2009 Multi MC I1 E.N.
10-16 122-123 Multipart M/C E x 12/4/2009 Multi MC J1 E.N.
10-17 124-125 Multipart M/C M x 12/4/2009 Multi MC K1 E.N.
10-18 126-127 Multipart M/C M x 12/4/2009 Multi MC L1 E.N.
10-19 128-129 Multipart M/C H x 6/e: 9-65 to 66 Authors
10-20 130-131 Multipart M/C E x 11/26/97,B7 E.N.
10-21 132-133 Multipart M/C M x 12/4/2009 Multi MC M1 E.N.
10-22 134-135 Multipart M/C E x 12/4/2009 Multi MC N1 E.N.
10-23 136-137 Multipart M/C M x 12/4/2009 Multi MC O1 E.N.
10-24 138-139 Multipart M/C E x 12/4/2009 Multi MC P1 E.N.
140-
10-25 141 Multipart M/C E x 11/26/97,C7 E.N.
10-26 142-143 Multipart M/C H x 6/e: 9-40 to 41 Authors
144-
10-27 145 Multipart M/C M x New,12/6/97,A7 E.N.
146-
10-28 147 Multipart M/C M x 9/24/2004 Multi MC G4 E.N.
10-29 148-149 Multipart M/C E x 9/24/2004 Multi MC I4 E.N.
150-
10-30 151 Multipart M/C E x 9/24/2004 Multi MC L4 E.N.
10-31 152-153 Multipart M/C M x 12/4/2009 Multi MC Q1 E.N.
154-
10-32 155 Multipart M/C E x 12/4/2009 Multi MC R1 E.N.
156-
10-33 157 Multipart M/C M x 12/4/2009 Multi MC S1 E.N.
10-34 158-159 Multipart M/C M x 12/4/2009 Multi MC T1 E.N.
160 Problem M x x x 6/e: Problem 9-1 Authors

10-3

, Chapter 10 Standard Costs and Variances

161 Problem M x x x 12/4/2009 Problem A1 E.N.
162 Problem E x x x 12/4/2009 Problem B1 E.N.
163 Problem E x x x 12/4/2009 Problem C1 E.N.
164 Problem M x x x 12/4/2009 Problem D1 E.N.
165 Problem E x x x 12/4/2009 Problem E1 E.N.
166 Problem E x x x 12/4/2009 Problem F1 E.N.
167 Problem H x x 7/e: 10-Problem 76 Authors
168 Problem E x 11/26/97,A9 E.N.
169 Problem E x EN 4/21/2003 F4 E.N.
170 Problem E x EN 4/21/2003 G4 E.N.
171 Problem E x 11/26/97,B7 E.N.
172 Problem E x EN 4/21/2003 J4 E.N.
173 Problem E x EN 4/21/2003 K4 E.N.
174 Problem E x 11/26/97,C7 E.N.
175 Problem E x EN 4/21/2003 L4 E.N.
176 Problem E x EN 4/21/2003 M4 E.N.
177 Problem M x 9/24/2004 Problem G4 E.N.
178 Problem M x 9/24/2004 Problem I4 E.N.
179 Problem E x 9/24/2004 Problem L4 E.N.
180 Problem E x 9/24/2004 Problem M4 E.N.

10-4

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