help

ify the choice that best completes the stalemen P 1. Standards that represent levels of operation that can be attained with reasonable effort are caled e called a. b, c. d. theoretical standards ideal standards variable standards normal standards The principle of exceptions allows managers to a. b. c. d. 2. focus on correcting variances between standard costs and actual costs. focus on correcting variances between variable costs and actual costs. focus on correcting variances between competitor's costs and actual costs. focus on correcting variances between competitor's costs and standard costs. Periodic comparisons between planned objectives and actual performance are reported in: a. zero-base reports b. budget performance reports c. master budgets d. budgets 3. Standard costs are divided into which of the following components? a. Variance Standard and Quantity Standard b. Materials Standard and Labor Standard c. Quality Standard and Quantity Standard d. Price Standard and Quantity Standard 4. 5. A favorable cost variance occurs when a. b. c. d. Actual costs are more than standard costs. Standard costs are more than actual costs. Standard costs are less than actual costs. None of the above. 6. The total manufacturing cost variance consists of Direct materials price variance, direct labor cost variance, and fixed factory overhead volume variance Direct materials cost variance, direct labor rate variance, and factory overhead cost variance a. b. c. Direct materials cost variance, direct labor cost variance, variable factory overhead controllable variance Direct materials cost variance, direct labor cost variance, factory overhead cost variance d