Questions from Managerial Accounting

Q: Responsibility for the materials usage variance is usually assigned to

Responsibility for the materials usage variance is usually assigned to a. the chief executive officer (CEO). b. marketing. c. purchasing. d. personnel. e. production.

Q: Responsibility for the labor rate variance typically is assigned to

Responsibility for the labor rate variance typically is assigned to a. production. b. labor markets. c. personnel. d. labor unions. e. engineering.

Q: Responsibility for the labor efficiency variance typically is assigned to

Responsibility for the labor efficiency variance typically is assigned to a. labor unions. b. personnel. c. engineering. d. production. e. outside trainers.

Q: Which of the following items describes practices surrounding the recording of variances

Which of the following items describes practices surrounding the recording of variances? a. All inventories are typically carried at standard. b. Unfavorable variances appear as debits. c. Favorable...

Q: Which of the following is true concerning labor variances that are not

Which of the following is true concerning labor variances that are not material in amount? a. They are closed to Cost of Goods Sold. b. They are prorated among Work in Process, Finished Goods, and Co...

Q: Standards set by engineering studies a. can determine the

Standards set by engineering studies a. can determine the most efficient way of operating. b. can provide rigorous guidelines. c. may not be achievable by operating personnel. d. often do not allow o...

Q: The standard cost per unit of output for a particular input is

The standard cost per unit of output for a particular input is calculated as a. Actual Input Price per Unit × Actual Input Used per Unit. b. Standard Input Price × Inputs Allowed for the Actual Outpu...

Q: A currently attainable standard is one that a. relies

A currently attainable standard is one that a. relies on maximum efficiency. b. uses only historical experience. c. is based on ideal operating conditions. d. can be easily achieved. e. is none of th...

Q: An ideal standard is one that a. uses only

An ideal standard is one that a. uses only historical experience. b. relies on maximum efficiency. c. can be achieved under efficient operating conditions. d. makes allowances for normal breakdowns,...

Q: Bowling Company provided the following information for last year.

Bowling Company provided the following information for last year. Master Budget Actual Data Budgeted production 4,000 ………………………… 3,800 units Direct materials: 3 pounds @ $0.60 per pound ………………………...