# im_ch11 - CHAPTER 11 Standard Costs and Balanced Scorecard...

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Unformatted text preview: CHAPTER 11 Standard Costs and Balanced Scorecard ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Distinguish between a standard and a budget. 1, 2 1 2. Identify the advantages of standard costs. 3 3. Describe how standards are set. 4, 5, 6, 7, 8, 9 2, 3 1, 4 4. State the formulas for determining direct materials and direct labor variances. 10, 11 4, 5 2, 3, 4, 5, 6, 10, 11, 15 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 5. State the formulas for determining manufac-tur- ing overhead variances. 12, 13, 14, 15, 16, 17 6, 7, 8 7, 8, 9, 12, 15 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 6. Discuss the reporting of variances. 18, 19 6, 10, 11 3A 3B 7. Prepare an income state- ment for manage-ment under a standard costing system. 23 12 2A, 5A, 6A 2B, 5B, 6B 8. Describe the balanced scorecard approach to performance evaluation. 20, 21, 22 9 13 *9. Identify the features of a standard cost accounting system. 24 10, 11 14, 15, 16, 17 6A 6B 11-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Compute variances. Simple 20- 30 2A Compute variances, and prepare income statement. Simple 30- 40 3A Compute and identify significant variances. Moderate 20- 30 4A Answer questions about variances. Complex 30-4 5A Compute variances, prepare an income statement, and explain unfavorable variances. Moderate 30- 40 *6A Journalize and post standard cost entries, and prepare income statement. Moderate 40- 50 1B Compute variances. Simple 20- 30 2B Compute variances, and prepare income statement. Simple 30- 40 3B Compute and identify significant variances. Moderate 30- 40 4B Answer questions about variances. Complex 30- 40 5B Compute variances, prepare an income statement, and explain unfavorable variances. Moderate 30- 40 *6B Journalize and post standard cost entries, and prepare income statement. Moderate 40- 50 11-2 BLOOM’S TAXONOMY TABLE 11-3 STUDY OBJECTIVES 1. DISTINGUISH BETWEEN A STANDARD AND A BUDGET. 2. IDENTIFY THE ADVANTAGES OF STANDARD COSTS. 3. DESCRIBE HOW STANDARDS ARE SET. 4. STATE THE FORMULAS FOR DETERMINING DIRECT MATERIALS AND DIRECT LABOR VARIANCES. 5. STATE THE FORMULAS FOR DETERMINING MANUFACTURING OVERHEAD VARIANCES. 6. DISCUSS THE REPORTING OF VARIANCES. 7. PREPARE AN INCOME STATEMENT FOR MAN- AGEMENT UNDER A STANDARD COSTING SYSTEM. 8. DESCRIBE THE BALANCED SCORECARD APPROACH TO PERFORMANCE EVALUATION. *9. IDENTIFY THE FEATURES OF A STANDARD COST ACCOUNTING SYSTEM. 11-4 CHAPTER REVIEW Standards and Budgets 1. (S.O. 1) In concept, standards and budgets are essentially the same. Both are pre-determined costs and both contribute significantly to management planning and control....
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im_ch11 - CHAPTER 11 Standard Costs and Balanced Scorecard...

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