ch11 - CHAPTER 11 Standard Costs and Balanced Scorecard...

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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 1 2. Identify the advantages of standard costs. 3 1 3. Describe how companies set standards. 4, 5, 6, 7, 8, 9 2, 3 1, 2, 3, 4, 16, 18 4. State the formulas for determining direct materials and direct labor variances. 10, 11 4, 5 4, 5, 6, 7, 8, 9, 12, 13, 18 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 5. State the formula for determining the total manufacturing overhead variance. 12 6 10, 11, 18 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 6. Discuss the reporting of variances. 13, 14 9, 13, 14 3A 3B 7. Prepare an income statement for management under a standard costing system. 18 15 2A, 5A, 6A 2B, 5B, 6B 8. Describe the balanced scorecard approach to performance evaluation. 15, 16, 17 7 16 *9. Identify the features of a standard cost accounting system. 19 8, 9 17, 18, 19 6A 6B *10. Compute overhead controllable and volume variances. 20, 21, 22, 23 10, 11 20, 21, 22 7A, 8A, 9A, 10A 7B, 8B, 9B, 10B © 2008 For Instructor Use Only 11-1
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© 2008 For Instructor Use Only 11-2
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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– 0 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 *7A Compute overhead controllable and volume variances. Simple 10–15 *8A Compute overhead controllable and volume variances. Simple 10–15 *9A Compute overhead controllable and volume variances. Moderate 10–15 *10A Compute overhead controllable and volume variances. Moderate 10–15 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 *7B Compute overhead controllable and volume variances. Simple 10–15 *8B Compute overhead controllable and volume variances. Simple 10–15 *9B Compute overhead controllable and volume variances. Moderate 10–15 *10B Compute overhead controllable and volume variances. Moderate 10–15 © 2008 For Instructor Use Only 11-3
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LOOM’S TAXONOMY TABLE Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehension Application Analysis Synthesis Evaluation 1. Distinguish between a standard and a budget. Q11-1
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ch11 - CHAPTER 11 Standard Costs and Balanced Scorecard...

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