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Principles of Accounting, Volume 2: Managerial Accounting

Questions

Principles of Accounting, Volume 2: Managerial AccountingQuestions
1.

LO 8.1What two components are needed to determine a standard for materials?

2.

LO 8.1What two components are needed to determine a standard for labor?

3.

LO 8.1What elements require consideration before establishing an overhead standard?

4.

LO 8.1What is a variance?

5.

LO 8.2What causes the material price variance?

6.

LO 8.2What causes the material quantity variance?

7.

LO 8.2What are some possible causes of a material price variance?

8.

LO 8.2What are some possible causes of a material quantity variance?

9.

LO 8.3What is the direct labor rate variance?

10.

LO 8.3What is the direct labor time variance?

11.

LO 8.3What are some possible causes of a direct labor rate variance?

12.

LO 8.3What are some possible causes of a direct labor time variance?

13.

LO 8.3How is the total direct labor variance calculated?

14.

LO 8.4What causes the variable overhead rate variance?

15.

LO 8.4What causes the variable overhead efficiency variance?

16.

LO 8.4What is the main difference between a flexible budget and a master budget?

17.

LO 8.5What causes a favorable variance?

18.

LO 8.5What causes an unfavorable variance?

19.

LO 8.5When might a favorable variance not be a good outcome?

20.

LO 8.5When might an unfavorable variance be a good outcome?

21.

LO 8.5Identify several causes of a favorable material price variance.

22.

LO 8.5Identify several causes of an unfavorable material price variance.

23.

LO 8.5Identify several causes of a favorable material quantity variance.

24.

LO 8.5Identify several causes of an unfavorable material quantity.

25.

LO 8.5Identify several causes of a favorable labor rate variance.

26.

LO 8.5Identify several causes of an unfavorable labor rate variance.

27.

LO 8.5Identify several causes of a favorable labor efficiency variance.

28.

LO 8.5Identify several causes of an unfavorable labor efficiency variance.

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