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What is a standard cost? a. The total number of units times the budgeted amount expected b. Any amount that appears on a budget c. The total amount that appears on the budget for product costs d. The amount management thinks should be incurred to produce a good or service 40. A standard cost is a. a cost which is paid for a group of similar products. b. the average cost in an industry. c. a predetermined cost.\ d. the historical cost of producing a product last year. 41. The difference between a budget and a standard is that a. a budget expresses what costs were, while a standard expresses what costs should be. b. a budget expresses management’s plans, while a standard reflects what actually happened. c. a budget expresses a total amount, while a standard expresses a unit amount. d. standards are excluded from the cost accounting system, whereas budgets are generally incorporated into the cost accounting system. 42. Standard costs may be used by a. universities. b. governmental agencies. c. charitable organizations. d. all of these. 43. Which of the following statements is false? a. A standard cost is more accurate than a budgeted cost. b. A standard is a unit amount. c. In concept, standards and budgets are essentially the same. d. The standard cost of a product is equivalent to the budgeted cost per unit of product. 44. Budget data are not journalized in cost accounting systems with the exception of a. the application of manufacturing overhead. b. direct labor budgets. c. direct materials budgets. d. cash budget data. 45. It is possible that a company’s financial statements may report inventories at a. budgeted costs. b. standard costs. c. both budgeted and standard costs. d. none of these. 46. A standard differs from a budget because a standard a. is a predetermined cost. b. contributes to management planning and control. c. is a unit amount. d. none of the above; a standard does not differ from a budget. 47. Marburg Co. expects direct materials cost of $6 per unit for 100,000 units (a total of $600,000 of direct materials costs). Marburg’s standard direct materials cost and budgeted direct materials cost is Standard Budgeted a. $6 per unit $600,000 per year b. $6 per unit $6 per unit c. $600,000 per year $6 per unit d. $600,000 per year $600,000 per year 48. Using standard costs a. makes employees less “cost-conscious.” b. provides a basis for evaluating cost control. c. makes management by exception more difficult. d. increases clerical costs. 49. Using standard costs a. can make management planning more difficult. b. promotes greater economy. c. does not help in setting prices. d. weakens management control. 50. If standard costs are incorporated into the accounting system, a. it may simplify the costing of inventories and reduce clerical costs. b. it can eliminate the need for the budgeting process. c. the accounting system will produce information which is less relevant than the historical cost accounting system. d. approval of the shareholders is required. 51. Standard costs a. may show past cost experience. b. help establish expected future costs. c. are the budgeted cost per unit in the present. d. all of these. 52. Which of the following statements about standard costs is false? a. Properly set standards should promote efficiency. b. Standard costs facilitate management planning. c. Standards should not be used in “management by exception.” d. Standard costs can simplify the costing of inventories. 53. Which of the following is not considered an advantage of using standard costs? a. Standard costs can reduce clerical costs. b. Standard costs can be useful in setting prices for finished goods. c. Standard costs can be used as a means of finding fault with performance. d. Standard costs can make employees “cost-conscious.” 54. If a company is concerned with the potential negative effects of establishing standards, it should a. set loose standards that are easy to fulfill. b. offer wage incentives to those meeting standards. c. not employ any standards. d. set tight standards in order to motivate people. 55. A standard which represents an efficient level of performance that is attainable under expected operating conditions is called a(n) a. ideal standard. b. loose standard. c. tight standard. d. normal standard. 56. Ideal standards a. are rigorous but attainable. b. are the standards generally used in a master budget. c. reflect optimal performance under perfect operating conditions. d. will always motivate employees to achieve the maximum output. 57. The final decision as to what standard costs should be is the responsibility of a. the quality control engineer. b. the managerial accountants. c. the purchasing agent. d. management. 58. The labor time requirements for standards may be determined by the a. sales manager. b. product manager. c. industrial engineers. d. payroll department manager. 59. The two levels that standards may be set at are a. normal and fully efficient. b. normal and ideal. c. ideal and less efficient. d. fully efficient and fully effective. `* 60. The most rigorous of all standards is the a. normal standard. b. realistic standard. c. ideal standard. d. conceivable standard. `

What is a standard cost?  a. The total number of units times the budgeted amount expected  b. Any amount that appears on a budget  c. The total amount that appears on the budget for product costs  d. The amount management thinks should be incurred to produce a good or service    40. A standard cost is  a. a cost which is paid for a group of similar products.  b. the average cost in an industry.  c. a predetermined cost.\   d. the historical cost of producing a product last year.  41. The difference between a budget and a standard is that  a. a budget expresses what costs were, while a standard expresses what costs should be.  b. a budget expresses management’s plans, while a standard reflects what actually happened.  c. a budget expresses a total amount, while a standard expresses a unit amount.  d. standards are excluded from the cost accounting system, whereas budgets are generally incorporated into the cost accounting system.   42. Standard costs may be used by  a. universities.  b. governmental agencies.  c. charitable organizations.  d. all of these.   43. Which of the following statements is false?  a. A standard cost is more accurate than a budgeted cost.  b. A standard is a unit amount.  c. In concept, standards and budgets are essentially the same.  d. The standard cost of a product is equivalent to the budgeted cost per unit of product.  44. Budget data are not journalized in cost accounting systems with the exception of  a. the application of manufacturing overhead.  b. direct labor budgets.  c. direct materials budgets.  d. cash budget data.  45. It is possible that a company’s financial statements may report inventories at  a. budgeted costs.  b. standard costs.  c. both budgeted and standard costs.  d. none of these.  46. A standard differs from a budget because a standard  a. is a predetermined cost.  b. contributes to management planning and control.  c. is a unit amount.  d. none of the above; a standard does not differ from a budget.  47. Marburg Co. expects direct materials cost of $6 per unit for 100,000 units (a total of $600,000 of direct materials costs). Marburg’s standard direct materials cost and budgeted direct materials cost is  Standard Budgeted  a. $6 per unit $600,000 per year  b. $6 per unit $6 per unit  c. $600,000 per year $6 per unit  d. $600,000 per year $600,000 per year  48. Using standard costs  a. makes employees less “cost-conscious.”  b. provides a basis for evaluating cost control.  c. makes management by exception more difficult.  d. increases clerical costs.  49. Using standard costs  a. can make management planning more difficult.  b. promotes greater economy.  c. does not help in setting prices.  d. weakens management control.   50. If standard costs are incorporated into the accounting system,  a. it may simplify the costing of inventories and reduce clerical costs.  b. it can eliminate the need for the budgeting process.  c. the accounting system will produce information which is less relevant than the historical cost accounting system.  d. approval of the shareholders is required.  51. Standard costs  a. may show past cost experience.  b. help establish expected future costs.  c. are the budgeted cost per unit in the present.  d. all of these.  52. Which of the following statements about standard costs is false?  a. Properly set standards should promote efficiency.  b. Standard costs facilitate management planning.  c. Standards should not be used in “management by exception.”  d. Standard costs can simplify the costing of inventories.  53. Which of the following is not considered an advantage of using standard costs?  a. Standard costs can reduce clerical costs.  b. Standard costs can be useful in setting prices for finished goods.  c. Standard costs can be used as a means of finding fault with performance.  d. Standard costs can make employees “cost-conscious.”  54. If a company is concerned with the potential negative effects of establishing standards, it should  a. set loose standards that are easy to fulfill.  b. offer wage incentives to those meeting standards.  c. not employ any standards.  d. set tight standards in order to motivate people.  55. A standard which represents an efficient level of performance that is attainable under expected operating conditions is called a(n)  a. ideal standard.  b. loose standard.  c. tight standard.  d. normal standard.   56. Ideal standards  a. are rigorous but attainable.  b. are the standards generally used in a master budget.  c. reflect optimal performance under perfect operating conditions.  d. will always motivate employees to achieve the maximum output.  57. The final decision as to what standard costs should be is the responsibility of  a. the quality control engineer.  b. the managerial accountants.  c. the purchasing agent.  d. management.  58. The labor time requirements for standards may be determined by the  a. sales manager.  b. product manager.  c. industrial engineers.  d. payroll department manager.  59. The two levels that standards may be set at are  a. normal and fully efficient.  b. normal and ideal.  c. ideal and less efficient.  d. fully efficient and fully effective.  `*  60. The most rigorous of all standards is the  a. normal standard.  b. realistic standard.  c. ideal standard.  d. conceivable standard.  `

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