Chapter 10 Standard Costs and the Balanced Scorecard
1. Ideal standards do not allow for machine breakdowns and other normal inefficiencies.
Ans: True AACSB: Reflective Thinking AICPA BB: Critical Thinking
AICPA FN: Reporting LO: 1 Le
Chapter 4 questions
Multiple choice questions
1. Process costing is used to account for:
A. large numbers of identical products that are produced in a continuous
B. small numbers of products that are produced in batches.
Question No. 1:
On November 1, 2014 Stars Co. sold merchandise to Planets Company having a sale price of $5,000
with terms of 3/10, n30, FOP Shipping point.
Damaged goods of $200 were returned to stars Co. From Planets Co.
Stars Co. received p