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Direct Cost Variances and Management Control

Practice MCQs under Direct Cost Variances and Management Control. 60 available Open paginated MCQ list →

Questions

Correct options are highlighted when revealed.

1.In the context of management control, what is another term for an efficiency variance?

2.What is the primary objective of conducting variance analysis in cost accounting?

3.Given a flexible budget variance of $95,000 and actual costs amounting to $40,000, what is the value of the flexible budget cost?

4.If the real cost of a material is lower than the planned cost, what does this indicate?

5.What is the term for a budget designed based on one fixed level of output?

6.When is performance assessment conducted solely based on price variance?

7.If the efficiency variance amounts to 200 units and the actual quantity of input used is 500 units, what is the budgeted input quantity?

8.What term describes the variance between the actual cost of inputs and the budgeted cost of inputs?

9.Which costing method targets specific activities as the main cost object?

10.Variance represents the difference between the anticipated performance and the ___________?

11.Given a budgeted input cost of $50 and a price variance of $30, what is the actual price?

12.What term describes the precisely measured amount of input used?

13.Which term best describes the extent to which set goals or income targets are met?

14.If the actual input used is 200 units and the planned input is 50 units, what is the efficiency variance?

15.Given that the flexible budget variance amounts to $105,000 and the actual cost incurred is $65,000, what is the value of the flexible budget cost?

16.In the context of a static budget, how is the reduction in actual operating income compared to the budgeted figure categorized?

17.When calculating variable direct cost input, dividing one unit of standard input by the standard cost per output unit yields what value?

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

19.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?

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

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