Homework Answers
| True | |
| Standard costs are calculated based on past performance to compare them with the actual and allocate the responsibility for if there's any Unfavorable variance |
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Standard costs are a useful management tool that can be used solely as a statistical device...
Standard costing can be used for both job order and process costing systems. True False Due...
Standard costing can be used for both job order and process costing systems. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory. True False
True or False: Price and efficiency variances can be computed without using standard costs. a. True...
True or False: Price and efficiency variances can be computed without using standard costs. a. True b. False True or False: In general, when two users share a facility such as a mailroom, the primary user would prefer that the common costs be allocated under the incremental method. a. True b. False
True or False: Price and efficiency variances can be computed without using standard costs. True False
True or False: Price and efficiency variances can be computed without using standard costs. True False
Material-requirements planning can be, and often is, used in conjunction with just-in-time inventory management. Group of...
Material-requirements planning can be, and often is, used in conjunction with just-in-time inventory management. Group of answer choices True False
Database Design and Management: The percent sign (%) and asterisk (*) symbols can be used with...
Database Design and Management: The percent sign (%) and asterisk (*) symbols can be used with the LIKE comparison operator to create a search pattern. True or False? When translating an arc relationship to a physical design, you must turn the arc relationships into foreign keys. Assuming you are implementing an Exclusive Design, you must also create two Unique Key Constraints to ensure the Arc is implemented correctly. True or False? The explanation below is a User Defined integrity rule...
1) Describe the importance of standard costs. 2) What factors contribute to an unfavorable volume variance...
1) Describe the importance of standard costs. 2) What factors contribute to an unfavorable volume variance ? 3) At the end of the fiscal year, variances from standard costs are transferred to another account. Name that account. 4) What is an ideal standard ? 5) What is the importance of the direct materials price variance ? 6) What is the importance of the direct materials quantity variance ? 7) What is the importance of the direct labor rate variance ?...
Who does management consult in order to set standard costs for direct materials? Usually management hires...
Who does management consult in order to set standard costs for
direct materials?
Usually management hires cost accountants.
Standard costs are established by repetitive process.
Management may have to consult purchase agents, product managers
and quality controls engineers.
Only engineers are required to set standard costs for direct
materials.
What are some of the causes of material variances?
Causes may be both internal and external.
Cause could be in the purchasing department.
Cause could arise from the supplier changing prices....
True or False 1.Actual sales rarely match budgeted sales in the master budget. 2.Standard costs are...
True or False 1.Actual sales rarely match budgeted sales in the master budget. 2.Standard costs are used to establish the flexible budget for direct labor. 3.The cause of one variance might influence another variance. 4.Management by exception is a term used to describe managers who look at all variances, regardless of the amount. 5.Favorable variances are recorded with a credit to the appropriate variance account.
1. A ___________ is a statistical interval around a point estimate that we can provide a...
1. A ___________ is a statistical interval around a point estimate that we can provide a level of confidence to for capturing the true population parameter. population parameter confidence level point estimate confidence interval standard error of the mean 2. Which of the following best describe the standard error of the mean? It is the difference between an observed sample mean and the true population mean It is the statistical interval that provides a level of confidence around an observed...
Discuss the advantages of flexible budgets used by a company over static budgets as a tool...
Discuss the advantages of flexible budgets used by a company over static budgets as a tool for planning and as a tool for control. Discuss the merits of each advantage. Please include examples so that we can assess your knowledge. (2) Management systems have three basic components : Planning, control, and feedback. In your response determine their relevance to management. (3) The following data relates to Merrick Ltd., a single product company who manufactures vaccines: Variances for October: DIRECT MATERIAL...
Who does management consult in order to set standard costs for
direct materials?
Usually management hires cost accountants.
Standard costs are established by repetitive process.
Management may have to consult purchase agents, product managers
and quality controls engineers.
Only engineers are required to set standard costs for direct
materials.
What are some of the causes of material variances?
Causes may be both internal and external.
Cause could be in the purchasing department.
Cause could arise from the supplier changing prices....
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