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can anyone help me 1. (a) Standard costs are the expected total cost of completing a job. Is this correct? Explain. (b) A standard imposed
can anyone help me
1. (a) "Standard costs are the expected total cost of completing a job." Is this correct? Explain. (b) "A standard imposed by a governmental agency is known as a regulation." Do you agree? Explain. 2. (a) Explain the similarities and differences between standards and budgets. (b) Contrast the accounting for standards and budgets. 3. Standard costs facilitate management planning. What are the other advantages of standard costs? 4. Contrast the roles of the management accountant and management in setting standard costs. 5. Distinguish between an ideal standard and a normal standard. 6. What factors should be considered in setting (a) the direct materials price standard and (b) the direct ma-terials quantity standard? 7. The objective in setting the direct labor quantity standard is to determine the aggregate time required to make one unit of product." Do you agree? What allowances should be made in setting this standard? 8. How is the predetermined overhead rate determined when standard costs are used? 9. What is the difference between a favorable cost vari-ance and an unfavorable cost variance? 10. In each of the following formulas, supply the words that should be inserted for each number in parentheses. 11. In the direct labor variance matrix, there are three factors: (1) Actual hours Actual rate, (2) Actual hours Standard rate, and (3) Standard hours Standard rate. Using the numbers, indicate the for-mulas for each of the direct labor variances. 12. Mikan Company's standard predetermined overhead rate is $9 per direct labor hour. For the month of June, 26,000 actual hours were worked, and 27,000 standard hours were allowed. How much overhead was applied? 13. How often should variances be reported to manage-ment? What principle may be used with variance reports? 14. What circumstances may cause the purchasing de-partment to be responsible for both an unfavorable materials price variance and an unfavorable materi. als quantity variance? 15. What are the four perspectives used in the balanced scorecard? Discuss the nature of each, and how the perspectives are linked. 16. Kerry James says that the balanced scorecard was created to replace financial measures as the primary mechanism for performance evaluation. He says that it uses only nonfinancial measures. Is this true? 17. What are some examples of nonfinancial measures used by companies to evaluate performance Step by Step Solution
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