Standard Cost Variances & Journal Entries

Standard Cost Variances & Journal Entries

University

50 Qs

quiz-placeholder

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Standard Cost Variances & Journal Entries

Standard Cost Variances & Journal Entries

Assessment

Quiz

Business

University

Medium

Created by

Christopher Lowe

Used 1+ times

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A cost accounting system will assist a manager in determining how many and which products to produce. What is the purpose of such system in the context of business operations?

To analyze customer feedback and make decisions based on popularity.
To determine the color of each product and make decisions based on aesthetics.
To calculate the number of employees needed for production and make decisions based on staffing.
To track competitors' prices and make decisions based on market trends.
To determine the cost of producing each product and make decisions on which products to produce based on profitability.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The information from a cost accounting system allows managers to make decisions about planning and directing, but not about controlling.

False
Not applicable
Sometimes true
Partially true
True

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost accounting systems are primarily concerned with accumulating product cost information.

Not relevant
Partially true
Only for services
False
True

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

________ measure, record, and report product costs.

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The two main types of cost accounting systems are ________.

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

One of the major purposes of a cost accounting system for a manufacturer is to compute the ________ for the ________.

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Cost accounting systems are used ________.

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