Acc 560 Wk 8 Quiz 11 - All Possible Questions Essay

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ACC 560 WK 8 Quiz 11 - All Possible Questions

To Purchase Click Link Below: ACC 560 WK 8 Quiz 11 - All Possible Questions TRUE-FALSE STATEMENTS 1. Inventories cannot be valued at standard cost in financial statements. 2. Standard cost is the industry average cost for a particular item. 3. A standard is a unit amount, whereas a budget is a total amount. 4. Standard costs may be incorporated into the accounts in the general ledger. 5. An advantage of standard costs is that they simplify costing of inventories and reduce clerical costs. 6. Setting standard costs is relatively simple because it
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19. An unfavorable labor quantity variance indicates that the actual number of direct labor hours worked was greater than the number of direct labor hours that should have been worked for the output attained. 20. Standard cost + price variance + quantity variance = Budgeted cost. 21. The overhead controllable variance relates primarily to fixed overhead costs.

22. The overhead volume variance relates only to fixed overhead costs.

23. If production exceeds normal capacity, the overhead volume variance will be favorable.

24. There could be instances where the production department is responsible for a direct materials price variance. 25. The starting point for determining the causes of an unfavorable materials price variance is the purchasing department. 26. The total overhead variance is the difference between actual overhead costs and overhead costs applied to work done. 27. Variance analysis facilitates the principle of "management by exception."

28. A credit to a Materials Quantity Variance account indicates that the actual quantity of direct materials used was greater than the standard quantity of direct materials allowed. 29. A standard cost system may be used with a job order cost system but not with a process cost system.

30. A debit to the

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