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8Vhich of the folowcing statements about standards is FALSE? A Siandads can be used to put actual costs and quantities into context. B Asandand is anxpression of what is supposed to happen. CAcost standard assumes that purchases were made from the normal supplier, in normal quandities D Standands are determined at the end of the accounting period, once actual amounts a are own 19. When the amount of a nresource used is different than originally anticipated, the result is caled A a quantity variance. 8 a usage variance Ca volume veriance. D. an amount variance. 20. A total variance is calculated as A. (actual quantity actual price/unit)-(standard quantity standard price/unit) B (actual quantity standard price/unit)-(standard quantity actual price/unit) C. (standard quantity actual cost/unit)-(actual quantity actual cost/unit) D. (actual quantity actual price/unit) + (standard quantity standard price/unit) 21. Which of the following would most likely cause a favorable labor quantity variance? A The standard for hourly wage rate was updated to account for wage increases given to employees. B. Lower quality materials which are regular materals C. More experienced workers were assigned to the job. D. The employees were performing tasks which were new to them. more difficult to work with were used instead of the 22 Which of the following statements about favorable variances is TRUE? A Favorable variances are indicative of beneficial outcomes B. Favorable variances do not need to be investigated. C.A favorable quantity variance will occur if the related cost variance is unfavorable. D.Favorable variances occur when the standard cost or quantity exceeds the actual cost or quantity Who would be LEAST likely to explain a material quantity variance? Workers using the materials The supervisor of the workers using the materials. The purchasing department employee responsible for purchasing the materials. he vice president of production. 24. The variable overhead efficiency variance measures A. the efficiency with which variable overhead items such as utilities were used. B. the efficiency of the manufacturing process C. the quantity of variable overhead items used. D. the efficiency of the activity used to allocate overhead to production. 25. The variable overhead spending variance is calculated as the difference between A. actual variable overhead cost and budgeted variable overhead based on actual hours used. B. actual variable overhead cost and the amount of variable overhead applied to production C. budgeted variable overhead based on the standard number of hours allowed for production and the amount of variable overhead applied to production. D. total overhead and fixed overhead. 26. The fixed overhead volume variance will be unfavorable if A. actual fixed overhead is greater than budgeted fixed overhead. B. actual fixed overhead is greater than the amount of fixed overhead applied to production C. the actual output for the period is less than the planned level of output. D. the quantity of fixed overhead items used exceeds the budgeted quantity of fixed overhead. 27. The actual amount of sales revenue may differ from the budgeted amount for all of the following EXCEPT A. the mix of items sold is different than expected. B. the selling prices of the items sold are different than expected. C. the production costs of the items sold are different than expected. D. the combined quantity of all items sold is different than expected. 28. Quantum Company expected to sell a total of 1,000 units of its products, of which 40% would be product A, 35% product B, and 25% product C. Quantum actually sold 430 units of product A, 300 of product B, and 210 of product C. Which variance(s) resulted? A. Sales mix variance only B. Sales quantity variance only C. Sales mix and sales quantity variances D.Sales quantity and sales price variances Which of the following statements about variances is FALSE? . A materials mix variance occurs when the proportions of materials used differs from the planned proportions. The sales activity variance can be further broken down into the sales mix variance and sales quantity variance materials yield variance occurs when the combined amount of materials used differs m the anticipated quantity to be used. aterials quantity variance can be further subdivided into the materials mix varianc materials cost variance
