Man10e_SecTest_03

Man10e_SecTest_03 - 10th Edition MANAGERIAL ACCOUNTING...

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10th Edition MANAGERIAL ACCOUNTING Warren/Reeve/Duchac Chapters 7–8 Score % Name Course Section FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—52% Section Test 3
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242 TEST 10 (Continued) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amounts in the Answers column. For Answers Scoring 0. How much a product costs is described as the ......................................... actual cost 0. ____ 1. Accounting systems that use standards for each element of manufacturing cost entering into the finished product are called . .................................. 1. ____ 2. Standards that allow for no idle time, no machine breakdowns, and no materials spoilage are called . ................................................................. 2. ____
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TEST 3 (Continued) 3. When actual costs are compared with standard costs, only variances are reported for cost control. This reporting philosophy is known as the. ..... 3. ____ 4. The difference between the actual cost and the flexible budget at the actual volume is called a cost. ............................................................................ 4. ____ 5. Standards limit operating improvements by discouraging improvement beyond the standard. (Answer, “true” or “false”) . ................................... 5. ____ 6. Standards that allow for reasonable production difficulties and mistakes are referred to as. ........................................................................................... 6. ____ 7. The difference between the actual hours worked and the standard hours at actual production, multiplied by the standard rate per hour, results in the…. 7. ____
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242 TEST 10 (Continued) 8. The difference between the budgeted fixed overhead at 100% of normal capacity and the standard fixed overhead for actual production achieved is called the. ................................................................................................. 8. ____ 9. The variance that measures the efficiency of using variable overhead resources is the. ....................................................................................... 9. ____ 10. The factory overhead cost variance can be verified for each variable factory overhead cost and fixed factory overhead cost element in the . ............. 10. ____
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Man10e_SecTest_03 - 10th Edition MANAGERIAL ACCOUNTING...

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