Respond that the following statements are TRUE or FALSE: 1) An efficiency variance measures how well the
Question:
Respond that the following statements are TRUE or FALSE:
1) An efficiency variance measures how well the business uses its materials or human resources.
2) A material cost variance measures the difference in quantities of actual input used and the standard quantity of input allowed for the actual number of units produced.
3) In a standard costing system, each item has a cost standard and a quantity standard.
4) Setting standard costs is a function done within a company's production department and does not require any input from other departments.
5) Standard costs are developed by the cooperative effort of procurement, production, human resources, and accounting personnel.
Statistics For The Life Sciences
ISBN: 9780321989581
5th Edition
Authors: Myra Samuels, Jeffrey Witmer, Andrew Schaffner