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: Total flexible-budget variance. Sales volume variance. Selling price 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: Total flexible-budget variance. Sales volume variance. Selling price variance.