Chapter 10 practice quiz

Chapter 10 practice quiz - Accounting 2304 Chapter 10...

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Accounting 2304 Chapter 10 Practice Quiz 1. Standards that represent levels of operations that can be attained with reasonable efforts are called: A. currently attainable standards B. ideal standards D. practical standards C. theoretical standards E. none of the above 2. If the actual quantity of direct materials used in producing a commodity differs from the standard quantity, the variance is termed: A. rate variance B. controllable variance D. quantity variance C. price variance E. purchasing variance 3. If the wage rate paid per hour differs from the standard wage rate per hour for direct labor, the variance is termed: A. volume variance B. variable variance D. quantity variance C. rate variance E. controllable variance 4. It is best to recognize the price variance for direct materials when: A. the materials are placed into production. B. goods are completed and transferred to finished goods. C. the materials are purchased. D. none of these. 5. The labor rate variance is determined by multiplying the difference between the actual labor rate and the standard labor rate by: A. the standard hours allowed. B.
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This test prep was uploaded on 04/22/2008 for the course ACC 2304 taught by Professor Robinson during the Spring '08 term at Baylor.

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Chapter 10 practice quiz - Accounting 2304 Chapter 10...

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