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MBA Accounting Final Exam Questions & Answers 2024/2025
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MBA Accounting Final Exam Questions & Answers 2024/2025
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MBA Accounting Final Exam Questions& Answers 2024/2025
Standard Cost is - ANSWERSis a budget for the production of one unit of product or service
perfect or ideal standard is - ANSWERSone that can be attained only under nearly perfect operating
conditions
practical standards are - ANSWERSexpected to be attained under normal conditions
cost variance is - ANSWERSthe difference between the actual cost with the budgeted or standard cost
Direct materials price variance is - ANSWERSactual quantity(actual price - standard price)
Direct materials quantity variance is - ANSWERSstandard price (actual quantity - standard quantity)
Direct labor rate variance is - ANSWERSactual hours (actual rate - standard rate)
Direct labor efficiency variance is - ANSWERSstandard rate (actual hours - standard hours)
Flexible budgets are - ANSWERSnot based on only one level of activity and is a detailed plan for
controlling overhead costs that is valid in the firms relevant range of activity
static budget is - ANSWERSbased on a particular planned level of activity
what are the three characteristics of information - ANSWERSmust be relevant accurate and timely
relevant costs affect - ANSWERSthe future and differ between alternatives
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