Standard Costing (Q&A)

48 Q&A

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1. What is a flexible budget?
2. What is absorption costing?
3. What is job order costing?
4. What is cost accounting?
5. What is the difference between actual overhead and applied overhead?
6. What are manufacturing costs?
7. What are direct costs?
8. What is standard costing?
9. What is a standard cost?
10. What is variance analysis?
11. What is the difference between normal costing and standard costing?
12. What is managerial accounting?
13. What are indirect manufacturing costs?
14. What is relevant range?
15. What do negative variances indicate?
16. What is direct labor?
17. What is the difference between a budget and a standard?
18. What is a cost variance?
19. What is inventory shrinkage?
20. What is the meaning of a favorable budget variance?
21. What are direct materials?
22. What is the materials usage variance?
23. In standard costing, how is the purchase price variance reclassified to arrive at actual cost?
24. What is the difference between cost and price?
25. What is a flexible budget variance?
26. What is a fixed cost?
27. What is the meaning of fixed overhead absorbed?
28. How is the material usage variance account reported on the financial statements?
29. What is a learning curve?
30. Is standard costing GAAP?
31. What does the direct labor efficiency variance tell us?
32. What do overabsorbed and underabsorbed mean?
33. Why do manufacturers use standard costs?
34. What is the production volume variance?
35. What is a BOM?
36. What causes an unfavorable fixed overhead budget variance?
37. Is there a relationship between direct materials variances and direct labor variances?
38. What does an unfavorable volume variance indicate?
39. Is a favorable variance always an indicator of efficiency in operation?
40. Do variance accounts have an impact on financial statements? Or are they for performance evaluation only?
41. What is a burden rate in inventory?
42. What are the advantages of departmentalizing manufacturing overhead costs?
43. What is a budget variance?
44. What is the normal balance of the direct materials variance accounts?
45. What is meant by overabsorbed?
46. In least squares regression, what do y and a represent?
47. Why does a cost system developed for inventory valuation distort product cost information?
48. What is an unfavorable variance?