Kimmel.SM.cp22.vpdf

Accounting: Tools for Business Decision Making

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Unformatted text preview: 22-1CHAPTER 22Standard Costs and Balanced ScorecardASSIGNMENT CLASSIFICATION TABLEStudy ObjectivesQuestionsBriefExercisesExercisesAProblemsBProblems1.Distinguish between astandard and a budget.1, 212.Identify the advantagesof standard costs.33.Describe how standardsare set.4, 5, 6, 7,8, 92, 31, 44.State the formulas fordetermining directmaterials and directlabor variances.10, 114, 52, 3, 4, 5,6, 10, 11,151A, 2A, 3A,4A, 5A, 6A1B, 2B, 3B,4B, 5B, 6B5.State the formulas fordetermining manufac-turing overheadvariances.12, 13, 14,15, 16, 176, 7, 87, 8, 9, 12,151A, 2A, 3A,4A, 5A, 6A1B, 2B, 3B,4B, 5B, 6B6.Discuss the reporting ofvariances.18, 196, 10, 113A3B7.Prepare an incomestatement for manage-ment under a standardcosting system.23122A, 5A, 6A2B, 5B, 6B8.Describe the balancedscorecard approach toperformance evaluation.20, 21, 22913*9.Identify the featuresof a standard costaccounting system.2410, 1114, 15, 16,176A6B22-2ASSIGNMENT CHARACTERISTICS TABLEProblemNumberDescriptionDifficultyLevelTimeAllotted (min.)1ACompute variances.Simple20–302ACompute variances, and prepare income statement.Simple30–403ACompute and identify significant variances.Moderate20–304AAnswer questions about variances.Complex30–45ACompute variances, prepare an income statement, andexplain unfavorable variances.Moderate30–40*6AJournalize and post standard cost entries, and prepareincome statement.Moderate40–501BCompute variances.Simple20–302BCompute variances, and prepare income statement.Simple30–403BCompute and identify significant variances.Moderate30–404BAnswer questions about variances.Complex30–405BCompute variances, prepare an income statement, andexplain unfavorable variances.Moderate30–40*6BJournalize and post standard cost entries, and prepareincome statement.Moderate40–50BLOOM’S TAXONOMY TABLE22-3Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and ProblemsStudy ObjectiveKnowledgeComprehensionApplicationAnalysisSynthesisEvaluation1.Distinguish between astandard and a budget.Q22-1Q22-2BE22-12.Identify the advantages ofstandard costs.Q22-33.Describe how standards areset.Q22-8Q22-4Q22-5Q22-6Q22-7Q22-9BE22-2BE22-3E22-1E22-44.State the formulas fordetermining direct materialsand direct labor variances.Q22-10Q22-11BE22-4BE22-5E22-2E22-3E22-4E22-5E22-10P22-1AP22-2AP22-5AP22-6AP22-1BP22-2BP22-5BP22-6BE22-6E22-15P22-3AP22-4AP22-3BP22-4B5.State the formulas fordetermining manufacturingoverhead variances.Q22-15Q22-16Q22-17Q22-12Q22-13Q22-14BE22-6BE22-7BE22-8E22-15P22-1AP22-2AP22-4AP22-6AP22-1BP22-2BP22-5BP22-6BE22-7E22-8E22-9E22-12P22-3AP22-4AP22-3BP22-4B6.Discuss the reporting ofvariances.Q22-18Q22-19E22-10E22-11E22-6P22-3AP22-3B7.Prepare an income state-ment for management undera standard costing system.Q22-23E22-12P22-2AP22-5AP22-6AP22-2BP22-5B8.Describe the balancedscorecard approach to per-formance evaluation.Q22-20Q22-21Q22-22E22-13BE22-9*9.Identify the features ofa standard cost accountingsystemQ22-24BE22-10...
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Kimmel.SM.cp22.vpdf - 22-1CHAPTER 22Standard Costs and...

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