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Finance preparation test

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Questions to be completed BEFORE the class DURING the class AFTER the class Chapter 10 Review questions 10.3, 10.7, 10.19 Chapter 10 Review questions 10.5, 10.8, 10.9, 10.12 Chapter 10 Exercises 10.21, 10.23, 10.27 Chapter 10 Problem 10.31 Chapter 10 Exercise 10.29 Chapter 10 Problems 10.34, 10.39 10.3 A perfection (or ideal) standard is the cost expected under perfect or ideal operating conditions. A practical (or attainable) standard is the cost expected under normal operating conditions. Many people question the effectiveness of perfection standards. They feel that employees are more likely to perform well when they strive to achieve an attainable standard than when they strive, often unsuccessfully, to achieve a perfection standard. 10.5 Toyota could use standard costing for control. For example, the standard cost of producing car doors would include standard materials used (pieces of sheet metal) and the standard price of the material, as well as standard labour costs (labour hours spent in cutting, stamping and welding operations and the standard wage rates paid for the hours worked) under normal operating conditions. The actual direct material and direct labour costs can then be compared to the standard material and labour costs allowed for the number of doors produced. These variances can pinpoint when: • more (or less) material or labour has been used than the standards allowed • the material prices or the wages paid are above (or below) the standard all ...
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