This quiz works best with JavaScript enabled. Home > Cost Accounting > Standard Costing > Standard Costing – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Standard Costing Quiz 3 (6 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The standard that requires maximum efficiency and perfect execution is... A) Cost standard. B) Achievable standards. C) Currently attainable standard. D) Ideal standard. Show Answer Correct Answer: D) Ideal standard. 2. Ideal standards A) Are rigorous but attainable. B) Are the standards generally used in a master budget. C) Reflect optimal performance under perfect operating conditions. D) Will always motivate employees to achieve the maximum output. Show Answer Correct Answer: C) Reflect optimal performance under perfect operating conditions. 3. ..... can be achieved under efficient operating conditions A) Ideal standards. B) Attainable standards. C) Margin standards. D) Variance standards. Show Answer Correct Answer: B) Attainable standards. 4. The labour rate variance may be computed by A) (Actual rate-Standard hours) X Actual hours. B) (Actual hours-Standard hours) X Standard price. C) (Actual hours-Standard rate) X Actual hours. D) (Actual rate-Standard rate) x Acutal hours worked hours. Show Answer Correct Answer: D) (Actual rate-Standard rate) x Acutal hours worked hours. 5. 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? A) Job order. B) Process. C) Variable. D) Standard. Show Answer Correct Answer: C) Variable. 6. The estimated expenses of budgeted production refers to the: A) Production cost. B) Budgeted cost. C) Standard cost. D) Actual cost. Show Answer Correct Answer: B) Budgeted cost. ← PreviousRelated QuizzesCost Accounting QuizzesStandard Costing Quiz 1Standard Costing Quiz 2 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books