5 Written Questions
5 Matching Questions
- Standard Cost
- Manufacturing Cycle Efficiency (MCE)
- Advantages of Standard Costing
- Practical (attainable) Standards
- Cost Variance
- a The cost expected under normal operating costs.
- b A budget for the production of one unit of product or service.
- c The difference between actual and standard cost.
- d Sensible cost comparisons, management by exception, performance evaluation, motivation, more stable product costs.
- e The ratio of process time to the sum of processing time, inspection time, waiting time, and move time.
5 Multiple Choice Questions
- The extent to which a firm's customers perceive its products to be of high quality
- A managerial technique in which only significant deviations from expected performance are investigated.
- The total output (in dollars) divided by the cost of a particular input.
- A cost-control and product-costing system in which cost variances are computed and production costs are entered into work in process inventory at their standard amounts.
- Procedures designed to assess product quality before production is completed
5 True/False Questions
Benchmarking → The number of units produced in a given period of time
Standard Direct-Material Quantity → The number of labor hours normally needed to manufacture one unit of product.
Standard Direct-Labor Quantity → The number of labor hours normally needed to manufacture one unit of product.
Theory of Constraints (TOC) → A management approach that focuses on identifying and relaxing the constraints that limit an organization's ability to reach a higher level of goal attainment.
Delivery Cycle Time → The average time between the receipt of a customer order and delivery of the goods