Sample Quiz for Chapter 10

Sample Quiz for Chapter 10 - Indiana University of...

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Indiana University of Pennsylvania Department of Accounting ACCT 607: Managerial Accounting Dr. Rahman Sample Quiz for Chapter 10 Circle the best choice. 1. A variance is: a. the gap between an actual result and a benchmark amount b. the required number of inputs for one standard output c. the difference between an actual result and a budgeted amount d. the difference between a budgeted amount and a standard amount 2. An unfavorable variance indicates that: a. actual costs are less than budgeted costs b. actual revenues exceed budgeted revenues c. the actual amount decreased operating income relative to the budgeted amount d. All of these answers are correct. 3. A favorable variance indicates that: a. budgeted costs are less than actual costs b. actual revenues exceed budgeted revenues c. the actual amount decreased operating income relative to the budgeted amount d. All of these answers are correct. 4. A favorable price variance for direct materials indicates that: a. a lower price than planned was paid for materials b. a higher price than planned was paid for materials c. less material was used during production than planned for actual output d. more material was used during production than planned for actual output 5. A favorable efficiency variance for direct manufacturing labor indicates that: a. a lower wage rate than planned was paid for direct labor b. a higher wage rate than planned was paid for direct labor c. less direct manufacturing labor-hours were used during production than
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This note was uploaded on 12/08/2011 for the course ACCT 607 taught by Professor Joe during the Spring '11 term at IUP.

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Sample Quiz for Chapter 10 - Indiana University of...

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