If the standard labour hours allowed are greater than the actual labour hours worked what variance would occur? Multiple Choice 0 Unfavourable labour efficiency variance. Favourable labour rate variance. Unfavourable labour rate variance. 0 Favourable labour efficiency variance. A budget is any budget based on an activity level different from the planned activity level and is prepared using the same budget data and standard cost card information of the static budget. Multiple Choice O strategic O flexible O proforma O static A(n) budget is any budget based on an activity level different from the planned activity level and is prepared using the same budget data and standard cost card information of the budget. Multiple Choice O ideal; practical predetermined; flexible O static; flexible flexible; static A product from ABC Inc. has a contribution margin of $50,000 and fixed costs totaling $60,000. If the product is dropped, $40,000 of the fixed costs will continue unchanged. As a result of dropping the product, the company's net operating income should: Multiple Choice 0 decrease by $50,000 increase by $30,000 0 increase by $10,000 decrease by $30,000 Which of the following statements about standard costs is FALSE? Multiple Choice O Standards should be reviewed periodically for their continued relevance. O Standard costs fit naturally in an integrated system of "responsibility accounting.\" Q As long as standards are viewed by employees as being reasonable, they can promote economy and efficiency. Standard costs can greatly complicate bookkeeping