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# Chapter 7 - Chapter 7-Standard Costing and Variance...

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Chapter 7--Standard Costing and Variance Analysis LEARNING OBJECTIVES LO 1 How are standards for material, labor, and overhead set? LO 2 What documents are associated with standard cost systems, and what information do those documents provide? LO 3 How are material, labor, and overhead variances calculated and recorded? LO 4 Why are standard cost systems used? LO 5 How will standard costing be affected if a single conversion element is used rather than the traditional labor and overhead elements? LO 6 (Appendix) How do multiple material and labor categories affect variances? QUESTION GRID True/False Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 1 x x 2 x x 3 x x 4 x x 5 x x 6 x x 7 x x 8 x x 9 x x 10 x x 11 x x 12 x x 13 x x 14 x x 15 x x 16 x x 17 x x 18 x x 19 x x 20 x x 21 x x 22 x x 23 x x 24 x x 25 x x 26 x x 27 x x 28 x x 29 x x 30 x x 31 x x Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 248

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32 X x 33 x x 34 x x 35 x x 36 x x 37 x x 38 x x 39 x x 40 X x 41 x x 42 x x 43 x x 44 x x 45 x x 46 x x 47 x x 48 x x 49 x x 50 x x 51 x x 52 x x 53 x x 54 x x 55 x x 56 x x 57 x x 58 x x Completion Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 1 X x 2 X x 3 X x 4 X x 5 x x 6 x x 7 x x 8 x x 9 x x 10 x x 11 x x 12 x x 13 x x 14 x x 15 x x 16 x x 249
Multiple Choice Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 1 X x 2 x x 3 x x 4 x x 5 x x 6 x x 7 x x 8 x x 9 x x 10 x x 11 x x 12 x x 13 x x 14 x x 15 x x 16 x x 17 x x 18 x x 19 x x 20 x x 21 x x 22 x x 23 x x 24 x x 25 x x 26 x x 27 x x 28 x x 29 x x 30 x x 31 x x 32 x x 33 x x 34 x x 35 x x 36 x x 37 x x 38 x x 39 x x 40 x x 41 x x 42 x x 43 x x 44 x x 45 x x 46 x x 47 x x Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 250

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48 x x 49 x x 50 x x 51 x x 52 x x 53 x x 54 x x 55 x x 56 x x 57 x x 58 x x 59 x x 60 x x 61 x x 62 x x 63 x x 64 x x 65 x x 66 x x 67 x x 68 x x 69 x x 70 x x 71 x x 72 x x 73 x x 74 x x 75 x x 76 x x 77 x x 78 x x 79 x x 80 x x 81 x x 82 x x 83 x x 84 x x 85 x x 86 x x 87 x x 88 x x 89 x x 90 x x 91 x x 92 x x 93 x x 94 x x 95 x x 96 x x Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 97 x x 98 x x 251
99 x x 100 x x 101 x x 102 x x 103 x x Short-An- swer Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 1 x x 2 x x 3 x x 4 x x 5 x x 6 x x 7 x x 8 x x Problems Difficulty Level Learning Objectives Easy Moderate Difficult LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 1 x x 2 x x 3 x x 4 x x 5 x x 6 x x 7 x x 8 x x 9 x x 10 x x 11 x x 12 x x 13 x x 14 x x 252

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TRUE/FALSE 1. Specifications for materials are compiled on a bill of materials. ANS: T DIF: Easy OBJ: 7-2 2. Specifications for materials are compiled on a purchase requisition.
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