GB 519 RANK Career Path Begins/gb519rank.com GB 519 RANK Career Path Begins/gb519rank.com | Page 52

Direct labor efficiency variance.
Direct labor usage variance.
Direct labor flexible-budget variance.
Direct labor rate variance.
UNIT 5 QUIZ
Question 7. Question : A "standard cost" is a predetermined
amount (e.g., cost) that:
Student Answer:
Should be incurred under relatively efficient operating
conditions.
Will be incurred for an operation or a specific objective.
Must occur for an operation or a specific objective.
Cannot be changed once it is established by management.
Is useful for planning and control but not inventory valuation
purposes. Question 8. Question : The difference between the
total actual sales revenue of a period
and the total flexible-budget sales revenue for the units sold
during
the period is the:
Student Answer: