Standard costs should be based on: A. perfect performance B. an average of past costs. C....
Standard costs should be based on:
A. perfect performance
B. an average of past costs.
C. most likely level of performance
D. reasonably attainable levels of efficiency
Homework Answers
Answer : C = Most likely level of performance.
>> Standard cost is an estimated cost to be produced during the period.
>> Generally standard cost is based on level of performance.
>> Perfect performance is not defined for calculating standard cost
>> Average of past costs and level of efficiency is not considered for calculating standard cost
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Standard costs should be based on:
A. perfect performance
B. an average of past costs.
C....
Question 2 (1 point) Standards based on the optimum level of performance under perfect operating conditions...
Question 2 (1 point) Standards based on the optimum level of performance under perfect operating conditions are a) normal standards. Ob) practical standards. Oc) attainable standards. d) ideal standards.
D. when the variance should be investigated Which of the following is true of currently attainable...
D. when the variance should be investigated Which of the following is true of currently attainable standards? A. Currently attainable standards demand maximum sales price. B. Currently attainable standards can be achieved under efficient operating conditions. C. Currently attainable standards do not allow for normal breakdowns, interruptions, and less than perfect skill. D. Currently attainable standards demand maximum efficiency.
Based on past experience with a client, an auditor determined performance materiality for current assets should...
Based on past experience with a client, an auditor determined performance materiality for current assets should be calculated at 1/4 of total materiality (6% of total current assets) and noncurrent assets should be calculated at 1/3 of total materiality (3% of total noncurrent assets). Calculate performance materiality for current assets based on the following: Cash and cash equivalents $800,000 Land 300,000 Accounts receivable 125,000 Prepaids 175,000 Building 200,000 Fixtures and equipment 600,000 Inventory 100,000 Leasehold improvements 150,000 $18,000 $9,000 $9,375...
Based on past experience with a client, an auditor determined performance materiality for fixed assets should...
Based on past experience with a client, an auditor determined performance materiality for fixed assets should be calculated at 1/4 of total materiality (5% of total gross fixed assets). Calculate performance materiality based on the following: Fixed assets (gross) at 1/1/2017 $1,000,000 Capital expenditures 250,000 Dispositions 200,000 Accumulated depreciation at 1/1/2017 400,000 Accumulated depreciation at 12/31/2017 370,000 $8,500 $7,500 $15,625 $13,125
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20:33:59 Exit The major difference between a sales analysis and a performance analysis is that: performance...
20:33:59 Exit The major difference between a sales analysis and a performance analysis is that: performance analysis looks at variations from planned performance, while sales analysis shows what happened. sales analysis looks at individual transactions, while performance analysis groups them into categories. sales analysis is a control procedure, while performance analysis is part of implementation sales analysis is concerned with expected sales, while performance analysis is concerned with past sales. D 36. Performance analysis a. is based on qualitative factors,...
The general rule is that the transaction price should be allocated to the performance obligations based...
The general rule is that the transaction price should be allocated to the performance obligations based on the relative standalone selling prices unless a discount is OA. O B. O C. O D. related to all of the contract's performance obligations less than the standalone selling price not part of the variable consideration not related to all of the contract's performance obligations
8. Normal standards: Allow for rest period, machines breakdowns, and setup time Represent levels of performance...
8. Normal standards: Allow for rest period, machines breakdowns, and setup time Represent levels of performance under perfect operating conditions Are rarely used because managers believe they lower workforce morale Are more likely than ideal standards to result in unethical practices 9. The setting of standards is: a. A managerial accounting decision b. A management decision CA worker decision d. Preferably set at the ideal level of performance 10. Each of the following formula is correct EXCEPT: a Labor price...
Which of the following would not be a behavioral consideration in performance evaluation? Managers should be...
Which of the following would not be a behavioral consideration in performance evaluation? Managers should be refused the opportunities to respond to any part of the evaluation process. The support of top management in the evaluation process should be evident. The focus of the performance report should be all significant variances for only the controllable cost and revenue items. (d) Managers should have input into the standards and goals set for their areas of responsibility. 15. (b) Which of the...
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Based on past experience with a client, an auditor determined performance materiality for current assets should be calculated at 1/4 of total materiality (6% of total current assets) and noncurrent assets should be calculated at 1/3 of total materiality (3% of total noncurrent assets). Calculate performance materiality for current assets based on the following: Cash and cash equivalents $800,000 Land 300,000 Accounts receivable 125,000 Prepaids 175,000 Building 200,000 Fixtures and equipment 600,000 Inventory 100,000 Leasehold improvements 150,000 $18,000 $9,000 $9,375...
20:33:59 Exit The major difference between a sales analysis and a performance analysis is that: performance analysis looks at variations from planned performance, while sales analysis shows what happened. sales analysis looks at individual transactions, while performance analysis groups them into categories. sales analysis is a control procedure, while performance analysis is part of implementation sales analysis is concerned with expected sales, while performance analysis is concerned with past sales. D 36. Performance analysis a. is based on qualitative factors,...
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8. Normal standards: Allow for rest period, machines breakdowns, and setup time Represent levels of performance under perfect operating conditions Are rarely used because managers believe they lower workforce morale Are more likely than ideal standards to result in unethical practices 9. The setting of standards is: a. A managerial accounting decision b. A management decision CA worker decision d. Preferably set at the ideal level of performance 10. Each of the following formula is correct EXCEPT: a Labor price...
Which of the following would not be a behavioral consideration in performance evaluation? Managers should be refused the opportunities to respond to any part of the evaluation process. The support of top management in the evaluation process should be evident. The focus of the performance report should be all significant variances for only the controllable cost and revenue items. (d) Managers should have input into the standards and goals set for their areas of responsibility. 15. (b) Which of the...
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. Price/Cost (S) a. What is the firm's profit-maximizing output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? d. What would the output level be that is productively efficient (minimizes ATC)? e. At what price and output level would this outcome be allocatively efficient? (Hint...
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