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Quiz 2
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Q.1
Material Usage Variance=Material Mix Variance +…………..
Material Yield Variance
Material cost variance
Material price variance
Material quantity variance
Q.2
Total Material cost variance =
Standard cost of materials-actual cost of materials
Budgeted cost of materials- actual cost of materials
Standard cost of materials-budgeted cost of materials
Actual cost of materials- budgeted cost of materials
Q.3
The technique of standard costing may not be applicable in case of
Large concerns
Small concerns
All concerns
Both b & c
Q.4
Standards set provide yardsticks against which………….are compared.
Budgeted costs
Estimated costs
Actual costs
None of these
Q.5
Volume variance is divided into……………
Capacity variance, calendar variance andExpenditure variance
Capacity variance, calendar variance and efficiency variance
Capacity variance, expenditure variance and efficiency variance
Calendar variance, expenditure variance and efficiency variance
Q.6
Idle time variance is………….
Idle time x actual labour
Idle time x standard rate
Idle time x budgeted labour rate
Idle time x historical cost
Q.7
Labour cost variance is the difference between standard cost of labourand………..
Budgeted cost of labour
Estimated cost of labour
Actual cost of labour
None of these
Q.8
Material price variance is the difference between standard and actualprices of materials used multiplied by………………..
Actual quantity of materials used
Budgeted quantity of materials used
Standard quantity of materials used
Either a or b
Q.9
Management by exception is exercising control over………..
Costs
Favourable items
Unfavourable items
all of these
Q.10
The deviation of the actual cost or profit or sales from the standardcost or profit or sale is known as …………
Difference
Variance
Discrepancy
Inconsistency
Q.11
Three types of standards are…………..
Current standard, basic standard and normal standard
Currency standard, basel standard and actual standard
Actual standard, estimated standard and expected standard
Expected standard, ideal standard and current standard
Q.12
Standard costing is more widely applied in…………………industries.
Process and engineering
jobbing industries
construction industry
all of these
Q.13
The limitations of …………………………has led to the development ofstandard costing system.
Historical costing system
cost accounting
management accounting
none of these
Q.14
Standard cost is a …………..cost
Predetermined
historical
actual
final
Q.15
The budget which commonly takes the form of budgeted profit andloss account and balance sheet is
cash budget
master budget
flexible budget
fixed budget
Q.16
In case of materials the key factor may be.
Insufficient advertising
restrictions imposed by quota
low market demand
shortage of power
Q.17
The budget that is prepared first of all is…………..
Cash budget
master budget
budget for the key factor
sales budget
Q.18
The difference between fixed and variable cost has a specialsignificance in the preparation of
Flexible budget
master budget
cash budget
sales budget
Q.19
In the case of plant, the limiting factor may be:
Insufficient capacity
shortage of experienced salesmen
general shortage of power
shortage of materials
Q.20
The primary difference between a fixed budget and a variable(flexible) budget is that a fixed budget:
Includes only fixed costs, while a variable budget includes only variable costs.
Is concerned only with future acquisitions of fixed assets, while a variable budget is concerned with expenses which vary with sales.
Cannot be changed after the period begins, while a variable budget can be changed after the period begins.
Is a plan for a single level of sales(or other measure of activity), while a variable budget consists of several plans, one for each of several levels of sales (or other measure of activity)
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