Acc 560 Week 8 Quiz – Strayer New

ACC 560 Week 8 Quiz – Strayer NEW

Click On The Link Below to Purchase A+ Graded Material

Instant Download

http://budapp.net/ACC-560-Week-8-Quiz-Strayer-NEW-ACC560W8Q.htm

Week 8 Quiz 7: Chapter 11

TRUE-FALSE STATEMENTS

1. Inventories cannot be valued at standard cost in financial statements.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

2. Standard cost is the industry average cost for a particular item.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

3. A standard is a unit amount, whereas a budget is a total amount.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

4. Standard costs may be incorporated into the accounts in the general ledger.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

5. An advantage of standard costs is that they simplify costing of inventories and reduce clerical costs.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

6. Setting standard costs is relatively simple because it is done entirely by accountants.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: None, IMA: Cost Management

7. Normal standards should be rigorous but attainable.

Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

8. Actual costs that vary from standard costs always indicate...