QUIZ_STANDARD_COSTING

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Standard Costing Quiz BHARTIYA VIDYA BHAWAN'S USHA & LAKSHMI MITTAL INSTITUTE OF MANAGEMENT Conducted By: Raman Kr. Pathak , Abhijit Sharma , Md. Zia

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1 6 11 16 21 26 Quiz Rules Each question has 1 mark There will be 3 teams called A,B & C There will be 5 questions for each team There will be one Bonus Question which carries 2 marks for right answer and -1 for wrong answer Time Over

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1 6 11 16 21 26 Time Over Which of the following statement is true? Question: 1 Flexible budget and fixed budget are synonymous terms Quantity variance and price variance are synonymous terms Flexible budget and variable budget are synonymous terms Historical costs and standard costs are synonymous terms Correct Answer is C

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1 6 11 16 21 26 Time Over Which of the following statements is false? Question: 2 Correct Answer is A The Standard cost is more accurate than a budgeted cost. A standard is a unit amount. In concept, standards and budgets are essentially the same. The standard cost of a product is equivalent to the budgeted cost per unit of product .

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1 6 11 16 21 26 Time Over Which of the following statements about standard cost is false? Question: 3 Correct Answer is C Properly set standards should promote efficiency Standard costs facilitate management planning Standards should not be used in "management by exception.“ Standard costs can simplify the costing of inventories.

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1 6 11 16 21 26 Time Over A standard cost is Question: 4 a cost which is paid for a group of similar products. the average cost in an industry a predetermined cost. the historical cost of producing a product last year. Correct Answer is C

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1 6 11 16 21 26 Time Over Which of the following terms would NOT be considered a price variance in a standard cost system? Question: 5 Efficiency Rate Spending Cost Accounting Correct Answer is A

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1 6 11 16 21 26 Time Over Which of the following is not considered an advantage of using standard costs? Question: 6 Standard costs can reduce clerical costs. Standard costs can be useful in setting prices for finished goods. Standard costs can be used as a means of finding fault with performance Standard costs can make employees "cost-conscious." Correct Answer is C

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1 6 11 16 21 26 Time Over The total standard cost to produce one unit of product is shown Question: 7 At the bottom of the income statement At the bottom of the balance sheet On the standard cost card In the Work in Process Inventory account. Correct Answer is C

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1 6 11 16 21 26 Time Over Which of the following terms would NOT be considered a quantity variance associated with a product's inputs under a standard cost system? Question: 8 Efficiency Price Usage Financial Accounting Correct Answer is B

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1 6 11 16 21 26 Time Over It is possible that a company's financial statements may report inventories at Question: 9 Correct Answer is B Budgeted Cost Standard Cost Both Budget and Standard Cost None of these

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1 6 11 16 21 26 Time Over Standard costs Question: 10 Correct Answer is D may show past cost experience help establish expected future costs are the budgeted costs per unit in the present all of these.

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1 6 11 16 21 26 Time Over The final decision as to what standard cost should be is the responsibility of Question: 11 Correct Answer is D The Quality Control Engineer The Managerial Accountant The Purchasing Agent Management

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1 6 11 16 21 26 Time Over Standard Costing is a powerful management aid in Question: 12 Correct Answer is A Planing , Control and Decision Making Financial Planing and Decision Making Inventory valuation & Planing Variance analysis & Decision Making

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1 6 11 16 21 26 Time Over The important steps of standard costing does not include Question: 13 Correct Answer is C Scientific Standards Corrective Actions Inventory valuation Variance analysis

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1 6 11 16 21 26 Time Over Which one is the limitation of Standard Cositng ? Question: 14 Correct Answer is A Inflexibility in setting standards Planing & Decision Making Simplification of costing procedures Optimization of resources

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1 6 11 16 21 26 Time Over Utility of standard costing does not include Question: 15 Correct Answer is D Performance evaluation and cost control Planing & Decision Making Cost Reduction Scientific Approach

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1 6 11 16 21 26 Time Over Currently attainable cost standard is the most preferable standard because of the following reasons Bonus Question Correct Answer is A Efficient, Appealing, Realistic & Multiple uses Cost Effective , Realistic & Multiple uses Appealing , Realistic & Multiple uses Cost allocation , Cost sepration, Efficient & Realistic