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Standard Costing Quiz 2 (14 MCQs)

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1. Which of the following statements about budgets and standards are not correct
2. Excess direct labor wages resulting from overtime premium will be disclosed in which type of variance?
3. A Standard cost is
4. Which of the following unfavorable variances would be directly affected by the relative position of a production process on a learning curve?
5. The third step of the standard costing process is
6. Which of the following is not a standard production cost is _____
7. The direct materials quantity standard would not be expressed in
8. During July actual labour costs amounted to RM19, 800, the standard rate of pay was RM4.50 per hour and the labour rate variance amounted to RM225 adverse. The actual hours worked were:
9. Which of the following cannot be a reason of unfavorable direct materials quantity variance?
10. The standard that requires maximum efficiency and perfect execution is...
11. _____ can be achieved under efficient operating conditions
12. The labour rate variance may be computed by
13. Which of the following cost allocation methods would be used to determine the lowest price that could be quoted for a special order that would utilize idle capacity within production area?
14. The estimated expenses of budgeted production refers to the:
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