Chapter _8 Immunity Quiz with Solutions - Fall 2009

Chapter _8 Immunity Quiz with Solutions - Fall 2009 -...

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Standard Costs Name: ________________________________ True or False : Enter a T or a F in the blank to indicate whether the statement is true or false ____ T ____ 1. Variances similar to price and quantity variances can be computed for materials, labor and overhead. This point is illustrated in Exhibit 8-3 below. ____ T ___ 2. If the actual price or quantity exceeds the standard price or quantity, the variance is unfavorable. This statement is true by definition. ____ T ___ 3. The standard rate for variable overhead consists of the variable portion of the predetermined overhead rate. This statement is true by definition. Multiple Choice: ____ B ___ 4. 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) the actual hours worked; c) the budgeted hours allowed; d) none of these. This point is illustrated in Exhibit 8-6.
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This note was uploaded on 06/05/2010 for the course ACC Acc208 taught by Professor Acc208 during the Fall '09 term at Cal Poly Pomona.

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Chapter _8 Immunity Quiz with Solutions - Fall 2009 -...

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