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5 Written questions

5 Matching questions

  1. LABOR EFFICIENCY VARIANCE is a measure of
  2. standard costing
  3. Cost structure
  4. Target price
  5. Full absorption costing
  1. a an accounting method that assigns costs to cost objects at predetermined amounts
  2. b all fixed and variable costs are product costs, all others are period costs
  3. c price based on customers' perceived value for the product and the price that competitors charge
  4. d proportion of an organization's fixed and variable costs to its total costs
  5. e labor productivity. it is one of the closely watched variances because production managers usually can control it.

5 Multiple choice questions

  1. agreement among business competitors to set prices at a particular level
  2. costs required to obtain customer orders and provide customers with finished products, including advertising, sales commissions, and shipping costs
  3. cost of job determined by standard (budgeted) direct material and labor cost plus overhead applied using a predetermined overhead rate and a standard (budgeted) allocation base.
  4. variance that, taken alone, reduces the operating profit.
  5. period of time over which capacity will be unchanged, usually one year

5 True/False questions

  1. Opportunity costsum of direct labor and manufacturing overhead

          

  2. Managerial costingcosts required to obtain customer orders and provide customers with finished products, including advertising, sales commissions, and shipping costs

          

  3. Underapplied overheadvariance that, taken alone, results in an addition to operating profit

          

  4. Nonmanufacturing costs are expensedperiodically

          

  5. Sunk costscosts incurred in the past that cannot be changed by present or future decisions