BEC Cost Accounting review 6

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Joens1313
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300965
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BEC Cost Accounting review 6
Updated:
2015-04-17 00:00:17
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BEC Cost Accounting review
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BEC Cost Accounting review 6
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  1. ----------------------- costing is used to value inventory plan and control costs measure performance prepare budgets and motivate employees.
    standard costing is used to value inventory plan and control costs measure performance prepare budgets and motivate employees.
  2. comparison of ----------------- to actual costs aids management in identifying problems and is a basis for judging performance.
    comparison of standard to actual costs aids management in identifying problems and is a basis for judging performance.
  3. What is a variance in standard cost accounting?
    variances are the differences between standard and actual costs.
  4. a variance is favorable if actual costs are less than standard costs.
    a variance is --------------------- if actual costs are less than standard costs.
  5. a variance is unfavorable if actual costs --------- standard costs.
    a variance is unfavorable if actual costs exceed standard costs.
  6. ------------ costs are predetermined or target unit costs that should be attained under efficient conditions
    standard costs are predetermined or target unit costs that should be attained under efficient conditions
  7. a ------------------- costs system records activities at both ----------------------- and actual costs.
    a standard costs system records activities at both standard and actual costs.
  8. What are basic cost standards?
    standards that are unchanged year after year.
  9. What are perfection cost standards?
    absolute minimum costs attainable under perfect operating conditions.
  10. What are currently attainable cost standards?
    standards that can be attained under efficient operating conditions.

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