Question

25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split cost" for analyzing the direct materials flexible budget variance? Select one: a. Actual Quantity Standard Price b. Actual Quantity x Actual Price C. Standard Quantity * Actual Price d. Standard Quantity Standard Price e. None of the above 28. The difference between the split cost and the actual cost for direct materials is called the: Select one: a. Materials Efficiency Variance b. Materials Usage Variance C. Materials Budget Variance d. Materials Price Variance e. None of the above

Answer 1

Answers

25. Answer Option E

Standard Costing include their Usefulness in Preparing Flexible Budgets, Preparin Master Budgets, Establishing Selling Prices, and Preparing Performance reports

26 Answer Option D

Standard Direct MAterial Cost = Standard Quantity* Standard Price

27 Answer Option A

Actual Quantity * Standard price represents the Split Cost for Analzing the Direct Material flexible Budget Variance

28 Answer Option D

The Difference Between Spli Cost And Actual codtfor Direct Materials is Called The MATERIAL PRICE VARIENCE