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1. Introduction to Management Accounting : Concepts of Management Accounting, Role of Management Accountant in Organizations, Relations and Differences

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1.Standard costs provide a basis for assessing the reasonableness of actual costs incurred for producing a product or service. (Points : 5)TrueFalse2.Ideal standards are developed under conditions that assume no idle time, no machine breakdowns, and no materials spoilage.(Points : 5)TrueFalse3.Cost variances are ignored under management by exception. (Points : 5)TrueFalse4.Standard costs are used in companies for a variety of reasons. Which of the following is not one of the benefits for using standard costs?(Points : 5)Used to indicate where changes in technology and machinery need to be made.Used to value inventoryUsed to plan direct materials, direct labor, and factory manufacturing cost.Used to control costs.5.Standard costs should always be revised when they differ from actual costs.(Points : 5)TrueFalse6.The profit center income statement should include only revenues and expenses that are controlled by the manager.(Points : 5)TrueFalse7.The three common types of responsibility centers are referred to as cost centers, profit centers, and investment centers.(Points : 5)TrueFalse8.The costs of initially producing an intermediate product should be considered in deciding whet

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