chapter_26 - CHAPTER 26 Performance Evaluation Through...

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26-1 CHAPTER 26 Performance Evaluation Through Standard Costs ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Distinguish between a standard and a budget. 1, 2 1 2. Identify the advantages of standard costs. 3 3. Describe how standards are set. 4, 5, 6, 7, 8 2, 3 1 4. State the formulas for determining direct materials and direct labor variances. 9, 10, 11 4, 5 2, 3, 4, 6, 9, 10, 12 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 5. State the formulas for determining manufactur- ing overhead variances. 12, 13, 14, 15, 16, 17 6, 7, 8 7, 8, 12 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 6. Discuss the reporting of variances. 18, 19, 21 6, 9 3A 3B 7. Enumerate the features of a standard cost accounting system. 20, 21 9, 10 5, 8, 10, 11, 12 1A, 3A, 4A, 5A 1B, 3B, 4B, 5B
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26-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Compute variances, and prepare income statement. Simple 20-30 2A Compute variances. Simple 30-40 3A C o m p u t e va r i a n c e s , jo u r n a l i z e en t r i e s , an d id e n t i f y si g - n i f i c a n t va r i a n c e s . Moderate 30-40 4A Journalize and post standard cost entries, and prepare income statement. Moderate 40-50 5A Answer questions about variances. Complex 30-40 1B Compute variances, and prepare income statement. Simple 20-30 2B Compute variances. Simple 30-40 3B C o m p u t e va r i a n c e s , jo u r n a l i z e en t r i e s , an d id e n t i f y si g - n i f i c a n t va r i a n c e s . Moderate 30-40 4B Journalize and post standard cost entries, and prepare income statement. Moderate 40-50 5B Answer questions about variances. Complex 30-40
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BLOOM'S TAXONOMY TABLE 26-3 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 stan- dard and a budget. Q26-1 Q26-2 BE26-1 2. State the advantages of standard costs. Q26-3 3. Describe how standards are set. Q26-8 Q26-4 Q26-5 Q26-6 Q26-7 BE26-2 BE26-3 E26-1 4. Indicate the formulas for determining direct materials and direct labor variances. Q26-10 Q26-11 Q26-9 BE26-4 BE26-5 E26-2 E26-3 E26-4 E26-9 E26-10 P26-1A P26-2A P26-4A P26-1B P26-2B P26-4B E26-6 E26-12 P26-3A P26-5A P26-3B P26-5B 5. State the formulas for determining manufacturing overhead variances. Q26-15 Q26-16 Q26-17 Q26-12 Q26-13 Q26-14 BE26-6 BE26-7 BE26-8 E26-7 E26-8 6. Discuss the reporting of variances. Q26-18 Q26-19 Q26-21 7. Enumerate the features of a standard cost accounting system Q26-20 BE26-9 BE26-10 E26-5 E26-11 P26-4B E26-8 Broadening Your Perspective Communication Exploring the Web Managerial Analysis Group Decision Ethics Case Real-World Focus
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26-4 ANSWERS TO QUESTIONS 1. ( a ) T h i s is in c o r r e c t . St a n d a r d co s t s ar e pr e d e t e r m i n e d un i t co s t s . ( b ) A g r e e . Ex a m p l e s of go v e r n m e n t a l r e g u l a t i o n s t h a t es t a b l i s h s t a n d a r d s f o r a bu s i n e s s ar e t h e Fa i r La b o r St a n d a r d s Ac t , t h e Eq u a l Em p l o y m e n t O p p o r t u n i t y Ac t , an d a m u l t i t u d e of e n v i r o n m e n t a l la w s .
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This note was uploaded on 11/25/2010 for the course ACCT 212 taught by Professor Luna during the Spring '09 term at DeAnza College.

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chapter_26 - CHAPTER 26 Performance Evaluation Through...

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