Standard Costing MCQs

We have prepared this MCQs quiz for Standard Costing so that students can assess who much they learned about this topic. Take the MCQs quiz below.

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1. Which of the following is true of standards?

 
 
 
 

2. Standards that can be attained only under the best circumstances are referred to as:

 
 
 
 

3. Which of the following equations can be used to calculate a material price variance?

 
 
 
 

4. Who is most likely to be held responsible for a material price variance?

 
 
 
 

5. Which of the following equations can be used to calculate a material quantity variance?

 
 
 
 

7. The firm’s direct-labor rate variance was $4,800 unfavorable. Actual labor was 24,000 direct-labor hours, at a cost of $168,000, for 25,000 units of finished product that require 1 hour of direct labor each, at standard. What is the standard rate per direct-labor hour?

 
 
 
 
 

8. Which of the following is not an advantage of standard costing?

 
 
 
 
 

9. Which of the following is NOT a criticism of a standard-costing system?

 
 
 
 
 
 
 
 
 
 

Next Quiz: Variable Costing MCQs

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