8. A standard costing system that was prepared a number of years ago and takes no account of changes in operating conditions and, instead, evaluates changes in variance values over time is a: a. Currently attainable system b. Aspiration focus system C. Ideal system d. Basic system 9. Examine the budgeted series of capital investment project cash flows shown below: Year (capital investment) Year 1 Cash inflow Year 2 Cash inflow Year 3 Cash inflow Year 4 Cash inflow Year 5 Cash inflow Total cash flows: (90,000) 15,000 18,000 21,000 40,000 30,000 34,000 The payback period for the project is: a. 3 years and 329 days b. 4 years and 8 months c. 3 years and 8 months d. 4 years 10. The present value of 7,000 receivable every year in 5 years' time discounted at 9% is to the nearest 1): a. 4,550 b. 22,680 c. 27,230 d. 35,000