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Homework answers / question archive / Question 1 2 / 2 pts A flexible budget ________
Question 1
2 / 2 pts
A flexible budget ________.
gives actual figures for selling price
is not used in overhead variance calculations
predicts estimated revenues and costs at varying levels of production
gives actual figures for variable and fixed overhead
2 / 2 pts
This variance is the difference involving spending more or using more than the standard amount.
unfavorable variance
no variance
favorable variance
variance
2 / 2 pts
This variance is the difference involving spending less, or using less than the standard amount.
no variance
unfavorable variance
variance
favorable variance
2 / 2 pts
What are some possible reasons for a material price variance?
labor efficiency
labor rate decreases
labor rate increases
substandard material
2 / 2 pts
When is the material price variance unfavorable?
when the actual quantity used is greater than the standard quantity
when the actual price is less than the standard price
when the actual price paid is greater than the standard price
when the actual quantity used is less than the standard quantity
2 / 2 pts
When is the material quantity variance favorable?
when the actual quantity used is greater than the standard quantity
when the actual price paid is greater than the standard price
when the actual quantity used is less than the standard quantity
when the actual price is less than the standard price
2 / 2 pts
What are some possible reasons for a labor rate variance?
hiring of less qualified workers
material price increase
an excess of material usage
utilities usage change
2 / 2 pts
When is the labor rate variance favorable?
when the actual quantity used is less than the standard quantity
when the actual quantity used is greater than the standard quantity
when the actual price paid is greater than the standard price
when the actual price is less than the standard price
2 / 2 pts
When is the direct labor time variance favorable?
when the actual quantity used is less than the standard quantity
when the actual price is less than the standard price
when the actual quantity used is greater than the standard quantity
when the actual price paid is greater than the standard price
0 / 2 pts
The fixed factory overhead variance is caused by the difference between which of the following?
actual fixed overhead and applied fixed overhead
actual and standard allocation base
actual and budgeted units
actual and standard overhead rates
Question 1
2 / 2 pts
A flexible budget ________.
gives actual figures for selling price
is not used in overhead variance calculations
Correct!
predicts estimated revenues and costs at varying levels of production
gives actual figures for variable and fixed overhead
2 / 2 pts
This variance is the difference involving spending more or using more than the standard amount.
Correct!
unfavorable variance
no variance
favorable variance
variance
2 / 2 pts
This variance is the difference involving spending less, or using less than the standard amount.
no variance
unfavorable variance
variance
Correct!
favorable variance
2 / 2 pts
What are some possible reasons for a material price variance?
labor efficiency
labor rate decreases
labor rate increases
Correct!
substandard material
2 / 2 pts
When is the material price variance unfavorable?
when the actual quantity used is greater than the standard quantity
when the actual price is less than the standard price
Correct!
when the actual price paid is greater than the standard price
when the actual quantity used is less than the standard quantity
2 / 2 pts
When is the material quantity variance favorable?
when the actual quantity used is greater than the standard quantity
when the actual price paid is greater than the standard price
Correct!
when the actual quantity used is less than the standard quantity
when the actual price is less than the standard price
2 / 2 pts
What are some possible reasons for a labor rate variance?
Correct!
hiring of less qualified workers
material price increase
an excess of material usage
utilities usage change
2 / 2 pts
When is the labor rate variance favorable?
when the actual quantity used is less than the standard quantity
when the actual quantity used is greater than the standard quantity
when the actual price paid is greater than the standard price
Correct!
when the actual price is less than the standard price
2 / 2 pts
When is the direct labor time variance favorable?
Correct!
when the actual quantity used is less than the standard quantity
when the actual price is less than the standard price
when the actual quantity used is greater than the standard quantity
when the actual price paid is greater than the standard price
0 / 2 pts
The fixed factory overhead variance is caused by the difference between which of the following?
Correct answer
actual fixed overhead and applied fixed overhead
actual and standard allocation base
You Answered
actual and budgeted units
actual and standard overhead rates