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Cost Accounting Mcqs – MCQs

1069 questions. Click to practice.

Correct options are highlighted when revealed.

1.Given that the actual cost of an input is $150 and the planned cost was $80, what is the resulting price variance?

2.Given an actual input price of $700, a budgeted input price of $400, and an actual quantity of 50 units, what is the price variance?

3.Given an actual input of 300 units and a planned input of 100 units, what is the efficiency variance?

4.Given a static budget variance of $38,000 and a static budget value of $12,000, what is the actual outcome?

5.What term describes the situation when actual operating income exceeds the budgeted figure?

6.What term is used to describe the predetermined cost a company anticipates paying for each individual unit?

7.Within the budget classification, how is the cost of material handling categorized?

8.To determine which value do you add the static budget variance for operating income to the static budget amount?

9.Given a price variance of $30 and a planned input price of $80, what is the actual price?

10.Given a price variance of $20 and a planned input price of $70, what is the actual price?

11.Given a budgeted input of 350 units and an efficiency variance of 100 units, what is the actual quantity of input used?

12.When the amount of input in production is low but the output generated is high, this situation is described as ____________?

13.What type of budget is prepared based on the anticipated production volume established at the beginning of the budgeting period?

14.Given an actual input price of $500, a budgeted input price of $300, and an actual input quantity of 50 units, what is the price variance?

15.Given that the actual cost of an input is $70 while the planned cost was $40, what is the resulting price variance?

16.What is determined by subtracting the flexible budget cost from the actual cost incurred?

17.Given a budgeted input price of $50, an actual input quantity of 150 units, and a standard allowed input quantity of 60 units, what is the efficiency variance?

18.Which term describes the result of multiplying the difference between the actual quantity used and the standard input quantity for output by the budgeted price?

19.To determine the actual input quantity, which value is combined with the efficiency variance?

20.Given an efficiency variance of 200 units and an actual input quantity of 750 units, what is the budgeted input quantity?