When would a variance be labeled as favorable?(a) When standard costs are less than actual costs(b) When estimated costs are greater than actual costs(c) When actual costs are less than standard costs(d) When standard costs are equal to actual costs.

A variance is labeled as favorable when the actual costs are less than the standard costs, meaning…

Answered: When would a variance be labeled as…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10MC: When is the material quantity variance favorable? A. when the actual quantity used is greater than...

See similar textbooks

Similar questions

When is the material price 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 material price 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
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 should a standard cost variance be investigated?
What are some possible reasons for a material price variance? A. substandard material B. labor rate increases C. labor rate decreases D. labor efficiency
What causes the variable overhead efficiency variance?
What causes a favorable variance?
Identify several causes of a favorable material price variance.
What are some possible causes of a material quantity variance?
This term is synonymous with the phrase "what a product should cost"? A. Standard cost B. Variable cost C. Correcting the variances D. Actual cost
A favorable cost variance occurs when: a. actual costs are more than standard costs. b. Standard costs are more than actual costs. c. Standard costs are less than actual costs. d. None of the above.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

When would a variance be labeled as favorable? (a) When standard costs are less than actual costs (b) When estimated costs are greater than actual costs (c) When actual costs are less than standard costs (d) When standard costs are equal to actual costs.