Search

In Stock

Managerial Accounting 13th Edition by Carl Warren James M Reeve Jonathan Duchac-Test Bank

Instant delivery only

  • ISBN-10 ‏ : ‎ 9781285868806
  • ISBN-13 ‏ : ‎ 978-1285868806

Original price was: $65.00.Current price is: $32.00.

SKU:tb1002436

Managerial Accounting 13th Edition by Carl Warren James M Reeve Jonathan Duchac-Test Bank

Chapter 22(07)

1. A variable cost system is an accounting system where standards are set for each manufacturing cost element.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

2. One reason not to depend solely on historical records to set standards is that there may be inefficiencies contained in past costs.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

3. Standard costs serve as a device for measuring efficiency.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

4. The standard cost is how much a product should cost to manufacture.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

5. Accounting systems that use standards for product costs are called standard cost systems.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

6. Accounting systems that use standards for product costs are called budgeted cost systems.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

7. Normally, standard costs should be revised when labor rates change to incorporate new union contracts.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

8. Standard costs should always be revised when they differ from actual costs.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

9. Financial reporting systems that are guided by the principle of exceptions concept focus attention on variances from standard costs.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

10. In most businesses, cost standards are established principally by accountants.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.22-01 – LO: 22-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs
ACCT.ACBSP.APC.36 – Budgeting and Responsibility
ACCT.IMA.09 – Performance Measurement
BUSPROG: Analytic

Reviews

There are no reviews yet.

Write a review

Your email address will not be published. Required fields are marked *

Back to Top
Product has been added to your cart