quiz 6_Answer - 1. Examinethefollowingdata:...

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1. Examine the following data:  The material price variance would be:  Your Answer: £3.50 (Adverse)   Correct Answer: £4.00 (Favourable)   2. What term can be defined as a means of assessing the difference between a  predetermined amount and the actual amount? Your Answer: Variance analysis   3. If the standard cost is higher than the actual cost then the difference would be known as: Your Answer: Favourable   4. The correct formula for the labour efficiency variance is: Your Answer: Standard wage rate less actual wage rate multiplied by standard  hours   Correct Answer: Standard hours less actual hours multiplied by standard wage   5. Which of the following would not explain a favourable wage rate variance? Your Answer: Introduction of minimum wage legislation   6. Examine the following relating to Job X3: 
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The total labour variance for Job X3 is:  Your Answer: £7.36 (Favourable)   7. Examine the following data:  Which of the following variances is not correct?  Your Answer: Price variance is £0.44 (Adverse)   Correct Answer: Price variance is £0.44 (Favourable)   8. The formula for the materials price variance is: Your Answer: Standard hours less actual hours multiplied by actual quantity   Correct Answer: Standard price less actual price multiplied by actual quantity
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This note was uploaded on 11/23/2011 for the course MANAGEMENT 101 taught by Professor Nguyen during the Spring '11 term at Troy.

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quiz 6_Answer - 1. Examinethefollowingdata:...

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