A standard that represents the most likely scenario can be referred to as the:

Related MCQs

• The firm’s direct-labour rate variance was 4,800 unfavourable. Actual labour was 24,000 direct-labour hours, at a cost of 1,68,000, for 25,000 units of finished product that require 1 hour of direct labour each, at standard. What is the standard rate per direct-labour hour?
• In August actual material used amounted to 5,650 kg, budgeted output was 1,000 units and standard material usage was 5 kg per unit. Actual output was 1,075 units. If the standard material cost of each product is 25 the material efficiency variance will be:
• Who is most likely to be held responsible for a material price variance?
• Where process scrap is recycled for use in conjunction with new material as well as being so externally, which of the following is most likely to be the value at which is debited to the process?
• Standards that can be attained only under the best circumstances are referred to as:
• Which management accounting technique is sometimes referred to as super variable costing?
• Which of the following is not an advantage of standard costing?
• Which of the following is NOT a criticism of a standard-costing system?
• The standard cost of a product is:
• When calculating cost variances under a standard costing system we must: