What type of standard is prepared on the basis that all activities are undertaken at amaximum level of efficiency?
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1 .Which of the following statements about a standard marginal costing system is true?(1) It calculates fixed overhead per unit using a budgeted overhead absorption rate(2) It values finished goods inventory at the standard variable cost of production.
A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2
2 .What is a standard cost?
A The planned unit cost of a product, component or service in a period B The budgeted cost ascribed to the level of activity achieved in a budget centre in acontrol period C The budgeted production cost ascribed to the level of activity in a budget period D The budgeted non-production cost for a pro...
3 .The treatment of which of the following gives rise to the difference between marginaland standard costing approaches?
A Direct material B Variable overhead C Fixed overhead D Prime cost
4 .The standard absorption cost of a product is:(1) A direct cost(2) A historic cost(3) A pre-determined costWhich is/are true?
A 1 and 2 only B 2 only C 2 and 3 only D 3 only
5 .Which of the following are benefits of using a standard costing system?(1) It facilitates timelier and more efficient reporting(2) It provides the basis on which inefficient operations can be identified(3) Over time administrative work is reduced(4) It focuses on controllable costs for responsibility accounting
A 1, 2 and 3 only B 1, 2 and 4 only C 1, 3 and 4 only D 2, 3 and 4 only
7 .What was the adverse direct material price variance for last month?
A $1,000 B $1,200 C $1,212 D $1,260
8 .What was the actual production last month (in units)?
A 1,074 B 1,119 C 1,212 D 1,258
9 .A company operates a standard marginal costing system. Last month its actual fixedoverhead expenditure was 10% above budget resulting in a fixed overhead expenditurevariance of $36,000.What was the actual expenditure on fixed overheads last month?
A $324,000 B $360,000 C $396,000 D $400,000
10 .Last month a company budgeted to sell 8,000 units at a price of $12·50 per unit.Actual sales last month were 9,000 units giving total sales revenue of $117,000.What was the sales price variance for last month?
A $4,000 favourable B $4,000 adverse C $4,500 favourable D $4,500 adverse
