Need in 45 min

Oct 20th, 2013
Anonymous
Category:
Business Finance
Price: $15 USD

Question description

1. (TCO 4) The standard cost sheet includes all of the following, except (Points : 3)  the standard cost per unit.
 the standard quantity allowed for actual production.
 the standard price.
 the standard quantity per unit.

2. (TCO 4) The usage variances focus on the difference between (Points : 3)
 actual quantity used and standard quantity allowed for actual production.
 actual costs of inputs and standard costs of inputs.
 actual quantity used and standard quantity allowed for budgeted production.
 Both A and B

3. (TCO 4) Which factor would cause an unfavorable material quantity variance? (Points : 3)
 Using poorly maintained machinery
 Using higher quality materials
 Using more highly skilled workers
 Receiving discounts for purchasing larger-than-normal quantities

4. (TCO 4) A 5% wage increase for all factory employees would affect which variance? (Points : 3)
 Direct materials price variance
 Direct labor rate variance
 Direct labor efficiency variance
 Variable manufacturing overhead efficiency variance

5. (TCO 4) Which person is most likely responsible for an unfavorable variable overhead efficiency variance? (Points : 3)
 Production supervisor
 Accountant
 Personnel director
 Supplier

6. (TCO 6) Which market is characterized by the following: many buyers and sellers, a homogeneous product, easy entry into and exit from the industry, and all firms being price takers? (Points : 3)
 Perfectly competitive market
 Monopolistic competition
 Monopoly
 Oligopoly

7. (TCO 6) When firms with market power price products too high, companies are (Points : 3)
 price gouging.
 using price discrimination.
 predatorily pricing.
 penetration pricing.

8. (TCO 6) Under absorption costing, when production is less than sales volume, the profits, using variable costing procedures, will be (Points : 3)
 less than.
 greater than.
 equal to.
 randomly different than.

9. (TCO 6) The contribution margin variance is favorable if the budgeted contribution margin is less than the (Points : 3)
 budgeted unit price.
 actual unit price.
 actual contribution margin.
 budgeted variable expenses.

10. (TCO 6) The sum of the change in units for each product multiplied by the difference between the budgeted contribution margin and the budgeted average unit contribution margin is called the (Points : 3)
 market share variance.
 sales mix variance.
 overall sales variance.
 market size variance.

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School: Rice University

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