Accounting 2 test 3 part 3

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If the price paid per unit differs from the standard price per unit for direct materials, the variance is termed a:

price variance

Variances from standard costs are usually reported to:

management

Periodic comparisons between planned objectives and actual performance are reported in:

budget performance reports

The formula to compute direct labor rate variance is to calculate the difference between

Actual Costs – (Actual Hours Standard Rate)

The principle of exceptions allows managers to

focus on correcting variances between standard costs and actual costs

If the actual quantity of direct materials used in producing a commodity differs from the standard quantity, the variance is termed a:

quantity variance

A favorable cost variance occurs when

Standard costs are more than actual costs

The total manufacturing cost variance consists of:

Direct materials cost variance, direct labor cost variance, factory overhead cost variance

A negative fixed overhead volume variance can be caused due to the following except:

Increase in utility costs

The total manufacturing cost variance is

the difference between actual costs and standard costs for units produced

If the actual direct labor hours spent producing a commodity differ from the standard hours, the variance is termed a:

time variance

The formula to compute direct material quantity variance is to calculate the difference between

(Actual Quantity x Standard Price) – Standard Costs

The controllable variance measures:

the efficiency of using variable overhead resources

The use of standards for nonmanufacturing expenses is:

not as common as it is for manufacturing costs

Standards that represent levels of operation that can be attained with reasonable effort are called:

normal standards

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