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Chapter10.Standard Costing, Operational Performance Measures, and the Balanced Scorecard

Chapter10.Standard Costing, Operational Performance Measures, and the Balanced Scorecard

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Chapter 10: Standard Costing, Operational Performance Measures, and the Balanced Scorecard MULTIPLE CHOICE QUESTIONS 1. A standard cost: A. is the "true" cost of a unit of production. B. is a budget for the production of one unit of a product or service. C. can be useful in calculating equivalent units. D. is normally the average cost within an industry. E. is almost always the actual cost from previous years. Answer: B LO: 1 Type: RC 2. Which of the following is a predetermined estimated cost that can be used in the calculation of a variance? 3. Variances are computed by taking the difference between which of the following? 4. The term "management by exception" is best defined as: Chapter 10 11
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5. Which of the following are methods for setting standards? A. Analysis of historical data. B. Task analysis. C. Task analysis and the analysis of historical data. D. Matrix application forms. E. Goal congruence. Answer: C LO: 2 Type: RC 6. Which of the following individuals is least likely to become involved in the setting of either direct material standards or direct labor standards? 7. A perfection standard: 8. Consider the following statements: I.Behavioral scientists find that perfection standards often discourage employees and result in low worker morale. II.Practical standards are also known as attainable standards. III.Practical standards incorporate a certain amount of inefficiency such as that caused by an occasional machine breakdown. Which of the above statements is (are) true? 12 Hilton, Managerial Accounting, Seventh Edition
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