CH10 DISCUSSION QUESTIONS

CH10 DISCUSSION QUESTIONS - describe them. 10. What are the...

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Chapter 10 – Standard Costing: A Managerial Control Tool - Discussion Questions 1. Briefly describe the two type of standards on which a standard cost relies. 2. What are three potential sources of developing standards? 3. What is the difference between ideal and easily attainable standards? 4. Why are standard costing systems adopted? 5. Explain the differences among actual costing, normal costing, and standard  costing. 6. How do you compute the standard quantity allowed? The standard hours  allowed? 7. What is the purpose of a standard cost sheet? 8. Explain what the terms favorable variance and unfavorable mean. 9. The spending variance can be separated into two components.  Name and briefly 
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Unformatted text preview: describe them. 10. What are the two direct materials variances? Who is most likely responsible for each of these? 11. What are the two direct labor variances? Who is most likely responsible for each of these? 12. When should a variance be investigated? 13. What are control limits, and how are they set? 14. Explain why the materials price variance is computed at the point of purchase rather than the point of issuance (usage). 15. Suggest some possible causes of an unfavorable labor efficiency variance. 16. What is Kaizen Costing? Target Costing?...
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This note was uploaded on 09/29/2011 for the course ACC 2362 taught by Professor Thoede during the Fall '07 term at Texas State.

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CH10 DISCUSSION QUESTIONS - describe them. 10. What are the...

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