Chapter _8 Immunity Quiz - Fall 2009

Chapter _8 Immunity Quiz - Fall 2009 - Chapter #8 Quiz...

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Chapter #8 – Quiz Standard Costs Name: ________________________________ True or False : Enter a T or a F in the blank to indicate whether the statement is true or false ________ 1. Variances similar to price and quantity variances can be computed for materials, labor and overhead. _______ 2. If the actual price or quantity exceeds the standard price or quantity, the variance is unfavorable. _______ 3. The standard rate for variable overhead consists of the variable portion of the predetermined overhead rate. Multiple Choice: _______ 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. _______ 5. If inferior-grade materials are purchased, the result may be: a) an unfavorable materials price variance; b) a favorable materials price variance; c) an unfavorable labor efficiency variance; d) a favorable labor efficiency variance; e)
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Chapter _8 Immunity Quiz - Fall 2009 - Chapter #8 Quiz...

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