Found 1513 results for: Standard Costing And Variance Analysis Exam Questions And Answers
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Answer: Type of standards is the current standard, an ideal standard, expected standard, basis standard, normal standard, and historical standard. What is the normal standard? Answer: These are average standards expected to be attained in a long...
Found: 24 May 2021 | Rating: 90/100
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What is variance analysis? Answer: Difference between actual cost and standard cost is termed as variance the examination of variances in detail and evaluation of them is known as variance analysis. How will you classify variance? Answer: Variance...
Found: 24 May 2021 | Rating: 95/100
Standard Costing And Variance Analysis
Answer: It is that portion of direct material usage variances which is due to the difference between the standard yield specified and the actual yield obtained. What are the reasons for labour Efficiency variance? Answer: lack of inspection use of the new plant. Why is idle time variance always adverse? Answer: Because for idle time wages is paid but labor remains idle due to abnormal reasons consequently there is no production.
Found: 18 Apr 2021 | Rating: 92/100
Variance Analysis - Finance (MCQ) Questions And Answers
What are the characteristics of Standard Costing? Answer: On the basis of past experience and forthcoming condition, standard cost is determined by product or service. The actual cost in respect of material labor and overhead is ascertained. Actual cost is compared with standard cost and variances are computed. Analysis of variances is made for fixing responsibility. Remedial action is taken to remove anomalies or standards are revised.
Found: 28 Apr 2021 | Rating: 89/100
Standard Costing And Variance Analysis Exam Questions And Answers Pdf
Explain the advantages of Standard Costing? Answer: Actual cost is compared with the standard cost leading to cost control. Responsibility is fixed in case of the excess over standard cost this is helpful in controlling expenses. It is helpful in quality control. Improvement in efficiency check over extravagance etc leads to cost reduction and increase in profits. Tender price can be determined on the basis of standard cost. The manager can execute policies expeditiously and smoothly. Give limitation of Standard Costing? Answer: The setting of standard and standard cost for a different element of cost is tedious work, changes in factors necessitate correction of standards which is expensive. Sometimes, production standard is fixed too high in case the target is not achieved it creates frustration among staff.
Found: 13 Apr 2021 | Rating: 85/100
Top 7 Problems On Standard Costing With Solutions
It is not appropriate for a small organization because it is an expensive system. It is necessary to implement the budgetary control system simultaneously. What are the steps to be taken for the establishment of Standard Costing System? Answer: Following steps should be taken for implementation of standard costing system: Setting up of a cost center. Classification of expenses. Determination of type of standard. Setting up of standard and. Preparation of standard cost card. Standard Costing Question Answer.
Found: 11 Apr 2021 | Rating: 86/100
Standard Costing And Variance Analysis Answers
Search for: Standard costing and variance analysis exam questions and answers pdf I am a bit puzzled by your questions, because question 3 is asking for the sales quantity variance not the volume varianceand question 4 is asking for the sales mix variance not the volume variance. I understand now, I was confusing sales quantity variance with sales volume variance. Dn19 Q2: I think For actual unit ,Labour hour should take 1. In this case. But did takes hrs Therefore variance in units is hrs adv. Therefore it should be. The object takes 1. The idle time is not implied within those 1. For a full explanation you need to watch my free lectures on advanced idle time variances — I cannot type them all out here. Sir I have a query that I desperately need helps with. You must ask this sort of question in the Ask the Tutor Forum and not as a comment on a lecture or test questions on variance analysis.
Found: 12 Apr 2021 | Rating: 86/100
Standard Costing Variance Analysis - Study Notes, Question Answers, Problems Solutions
Sir where do I have to go to get answers to this one particular question. I wrote open tuition on Facebook i was told I need to speak on the forum so that the whole community can benefit. I did that. And posted my question on this link below. Under the topic my question relates. Risk and uncertainty. I got no response. I posted other question subsequently which was answered but not this particular one.
Found: 24 Apr 2021 | Rating: 87/100
Top 40 Questions And Answers- Standard Costing And Variance Analysis
I felt the lecturer did not see my question but since I was getting a response to my other question posted here I decided to repost my initial query her hoping I get some clarification. I tried but unable to work my way around the ask the tutor forum. However thank you for time and patience with the help given. The example in your video on idle time variance is exactly the same as this eg.
Found: 6 Apr 2021 | Rating: 86/100
Top 21 Standard Costing Question Answer (Cost Accounting)
Gamo whisper g2 joule And following your guidance the answer im getting is below. The overall variance calculate above is A but when I did the break down of the variances I cant seem to come back to 20,A unless the A is wrong. The idle time variance can therefore be either adverse or favourable in this case favourable. When idle time has been budgeted for you need to compare the actual idle time with the budgeted idle time. Labour efficiency variance is calculated from the hours actually worked — idle time is time when they are not working. You need to watch my free lectures for an explanation. Why our jobs site is easy for anyone to learn and to crack interview in the first attempt? These is because we the Wisdomjobs will provide you with the complete details about the interview question and answers and also, we will provide the different Variance analysis roles to apply easily, Variance analysis are much in demand.
Found: 15 Apr 2021 | Rating: 90/100
STANDARD COSTING WITH SOLUTIONS
To clear any interview, one must work hard to clear it in first attempt. So simply to save your time we have provided all the necessary details about Variance analysis Interview Questions and Answers and Variance analysis jobs at one place. Question 1. What Is Variance Analysis? Answer : Variance analysis is the quantitative investigation of the difference between actual and planned behavior. This analysis is used to maintain control over a business. Variance analysis is especially effective when you review the amount of a variance on a trend line, so that sudden changes in the variance level from month to month are more readily apparent. Variance analysis also involves the investigation of these differences, so that the outcome is a statement of the difference from expectations, and an interpretation of why the variance occurred.
Found: 18 Apr 2021 | Rating: 89/100
Problem-1 (Materials, Labor And Variable Overhead Variances)
To continue with the example, a complete analysis of the sales variance would be:. We lost ABC customer because we had several instances of late deliveries to it over the past few months. This level of detailed variance analysis allows management to understand why fluctuations occur in its business, and what it can do to change the situation. Question 2. Answer : Here are the most commonly-derived variances used in variance analysis:. Question 3.
Found: 12 Apr 2021 | Rating: 85/100
Costing MCQ Questions And Solutions With Explanations | Commerce
What Is Purchase Price Variance? Question 4. What Is Labor Rate Variance? Answer : Labor rate variance: The actual price paid for the direct labor used in the production process, minus its standard cost, multiplied by the number of units used. Question 5. Question 6. Answer : Fixed overhead spending variance: The total amount by which fixed overhead costs exceed their total standard cost for the reporting period. Question 7. What Is Selling Price Variance? Question 8. What Is Material Yield Variance? What Is Labor Efficiency Variance? Question Answer : It is not necessary to track all of the preceding variances.
Found: 7 Apr 2021 | Rating: 88/100
Problem-1 (Materials, Labor And Variable Overhead Variances) - Accounting For Management
In many organizations, it may be sufficient to review just one or two variances. For example, a services organization such as a consulting business might be solely concerned with the labor efficiency variance, while a manufacturing business in a highly competitive market might be mostly concerned with the purchase price variance. In other words, put most of the variance analysis effort into those variances that make the most difference to the company if the underlying issues can be rectified.
Found: 18 Apr 2021 | Rating: 93/100
Download Filetype Variance Analysis Questions And Answers On 1medicoguia.com
Answer : There are several problems with variance analysis that keep many companies from using it. They are:. Answer : The formula to estimate Labour Mix variance is:. You have reached 0 of 0 points, 0. Your answer is correct. Your answer is incorrect. The company uses a standard costing system and provides you the following information:. Based on the above information, what is the standard direct materials cost per unit of product X?
Found: 6 Apr 2021 | Rating: 90/100
Category : Standard Costing And Variance Analysis Questions
The following information belongs to John Manufacturing Company that uses a standard costing system:. The Ali BaBa Company uses a standard costing system. The company established the following direct materials cost standards for one unit of product K:. The direct materials price variance for January was:. The Crescent Manufacturing company established the following direct materials cost standards for one unit of product X:. The direct materials quantity variance for June was:.
Found: 22 Apr 2021 | Rating: 89/100
Standard Costing Interview Questions & Answers
The Carl Care Company established the following direct labor cost standards for one unit of product Z:. During the month of July, 20, direct labor hours were worked and 12, units of product Z were manufactured. The direct labor rate variance for July was:. Ehi opener The direct labor efficiency variance for July was:. Which of the following is not likely to be a reason of unfavorable direct labor efficiency variance? The actual direct labor hours worked were:. The standard hours allowed for actual production were:. The standard direct labor rate per hour was:. According to standards, the company took 1 hour to complete three units i. During the month of June, the company operated for 4, hours and manufactured 12, units of product. On the basis of above data, the variable manufacturing overhead efficiency variance for June was:. Skip to content Menu. Time limit: 0. Quiz-summary 0 of 23 questions completed Questions: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 You have already completed the quiz before.
Found: 7 Apr 2021 | Rating: 93/100
(PDF) Standard Costing And Variance Analysis | Anshu Raj - 1medicoguia.com
Hence you can not start it again. To browse Academia. Skip to main content. Log In Sign Up. Standard Costing and Variance Analysis. Anshu Raj. In a broader sense the cost figure may be ascertained and recorded in the form of Historical costing and Predetermined costing. The term Historical costing refers to ascertainment and recording of actual costs incurred after completion of production. One of the important objectives of cost accounting is effective cost ascertainment and cost control. Historical Costing is not an effective method of exercising cost control because it is not applied according to a planned course of action.
Found: 20 Apr 2021 | Rating: 86/100
STANDARD COSTING WITH SOLUTIONS - PDF Free Download
Anshu Raj IntroductionThe success of a business enterprise depends to a greater extent upon how efficiently and effectively it has controlled its cost. In a broader sense the cost figure may be ascertained and recorded in the form of Historical costing and Predetermined costing. The term Historical costing refers to ascertainment and recording of actual costs incurred after completion of production.. One of the important objectives of cost accounting is effective cost ascertainment and cost control. Historical Costing is not an effective method of exercising cost control because it is not applied according to a planned course of action.
Found: 8 Apr 2021 | Rating: 88/100
Standard Costing And Variance Analysis Answers | Teaching Mathematics | Business
And also it does not provide any yardstick that can be used for evaluating actual performance. Based on the limitations of historical costing it is essential to know before production begins what the cost should be so that exact reasons for failure to achieve the target can be identified and the responsibility be fixed. For such an approach to the identification of reasons to evaluate the performance, suitable measures may be suggested and taken to correct the deficiencies. Brown and Howard define Standard Cost as a Pre-determined Cost which determines what each product or service should cost under given circumstances. This definition states that standard costs represent planned cost of a product. Standard Cost as defined by the Institute of Cost and Management Accountant, London "is the Predetermined Cost based on technical estimate for materials, labour and overhead for a selected period of time and for a prescribed set of working conditions.
Found: 11 Apr 2021 | Rating: 92/100
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