Question Details

A process of examining the differences 



1. Standard costs are:
A. Actual costs incurred to produce a specific product or perform a service.
B. Preset costs for delivering a product or service under normal conditions.
C. Established by the IMA.
D. Rarely achieved.
E. Uniform among companies within an industry.
2. The costs that should be incurred under normal conditions to produce a specific product or component or
to perform a specific service are:
A. Variable costs.
B. Fixed costs.
C. Standard costs.
D. Product costs.
E. Period costs.
3. The difference between actual and standard cost caused by the difference between the actual price and the
standard price is called the:
A. Standard variance.
B. Quantity variance.
C. Volume variance.
D. Controllable variance.
E. Price variance.
4. The difference between actual and standard cost caused by the difference between the actual quantity and
the standard quantity is called the:
A. Controllable variance.
B. Standard variance.
C. Budget variance.
D. Quantity variance.
E. Price variance.
5. The difference between the actual cost incurred and the standard cost is called the:
A. Flexible variance.
B. Price variance.
C. Cost variance.
D. Controllable variance.
E. Volume variance.
40. A process of examining the differences between actual and budgeted costs and describing them in terms
of the amounts that resulted from price and quantity differences is called:
A. Cost analysis.
B. Flexible budgeting.
C. Variable analysis.
D. Cost variable analysis.
E. Variance analysis.




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