General Account The difference between actual cost and standard cost is termed:A. cash cost.B. cost variance.C. flexible variance.D. company cost.

Correct Answer: B. cost variance Explanation:The difference between actual cost and standard cost is…

Answered: The difference between actual cost and…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3Q: Which costs are assigned using the weighted-average method?

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Similar questions

Which costs are assigned using the weighted-average method?
The variable overhead rate variance is caused by the sum between which of the following? A. actual and standard allocation base B. actual and standard overhead rates C. actual and budgeted units D. actual units and actual overhead rates
A. What are the two variances between the actual cost and the standard cost for direct labor? B. Who generally has control over the direct labor cost variances?
In the cost equation Y=a+bx, Y represents which of the following? A. fixed costs B. variable costs C. total costs D. units of production
Describe how total variable costs and unit variable costs behave with changes in the level of activity.
What is the direct labor rate variance?
The variable overhead efficiency variance is caused by the difference between which of the following? A. actual and budgeted units B. actual and standard allocation base C. actual and standard overhead rates D. actual units and actual overhead rates
When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the labor rate variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ?
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost

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The difference between actual cost and standard cost is termed: A. cash cost. B. cost variance. C. flexible variance. D. company cost.