Standard Costing And Variance Analysis Quiz 1 (8 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. The difference between actual kgs should have cost and actual kgs did cost is .....

Correct Answer: A) Direct material price variance.

2. What is the variance in which the amount is the same as in the two-way variance method and in the four-way variance analysis?

Correct Answer: C) Volume Variance.

3. Actual Overhead-BASH =?

Correct Answer: B) Controllable Variance.

4. It is the sum of labor mix and yield variances.

Correct Answer: C) Labor Efficiency Variance.

5. It shows the difference between the actual wages paid to labor for the period and the standard wages for all hours worked.

Correct Answer: B) Labor Rate Variance.

6. Which variance shows the difference between actual units should use and actual units did use?

Correct Answer: C) Direct material usage variance.

7. Which of the following would be the most appropriate cost unit for a distribution company?

Correct Answer: C) Tonne Miles.

8. When the actual rate or hour exceeds the standard rate or hour, it is called ..... variance?

Correct Answer: B) Unfavorable.