Accounting multiple choice 27-30

In standard costing, the standards are developed only for overhead costs. the standards are developed primarily from past costs. comparisons with actual costs usually are not performed. debit and credit entries to inventory accounts are made at standard costs. A summary of expected costs for a range of activity levels that is geared to changes in the level of productive output is the definition of a continuous budget. flexible budget. master budget. period budget. A flexible budget is most useful for budgeting and planning purposes. when actual output equals budgeted output. as a cost control tool to help evaluate performance. when a product's cost structure includes variable costs only. "The difference between actual hours worked and standard hours allowed for the good units produced, multiplied by the standard labor rate" is a description of the direct labor rate variance. direct labor efficiency variance. total direct labor cost variance. direct labor quantity variance