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Do other companies like BMW Group use manufacturing standards to guide performance at their plants?. Yes No. Do you think there is a uniform set of manufacturing standards which companies in similar industries (i.e. automotive industry) use to guide their performance?. Yes No.

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  1. Do other companies like BMW Group use manufacturing standards to guide performance at their plants? • Yes • No

  2. Do you think there is a uniform set of manufacturing standards which companies in similar industries (i.e. automotive industry) use to guide their performance? • Yes • No

  3. Do companies like BMW Group have software or computer programs to help set manufacturing standards for their companies? • Yes • No

  4. Do you think that it is difficult for a company like BMW Group to create manufacturing standards for its plant? • Yes • No

  5. Do companies like BMW Group change their manufacturing standards each year? • Yes • No

  6. Only manufacturing businesses use standards to evaluate and control operations. • True • False

  7. Standards should be revised when they differ from actual costs. • True • False

  8. Standards can be used for direct materials, direct labor and factory overhead. • True • False

  9. An unfavorable cost variance results when actual cost is greater than standard cost at actual volumes. • True • False

  10. A flexible budget may be used to determine the impact of changing production on fixed and variable factory overhead costs. • True • False

  11. A nonfinancial performance measure is a performance measure expressed in dollars. • True • False

  12. The total factory overhead cost variance is the difference between the actual factory overhead and the total overhead applied to production. • True • False

  13. Accounting systems that use standards for manufacturing costs are called • process cost systems • job order cost systems • budget cost systems • standard cost systems

  14. The difference between a standard cost and an actual cost is called a • cost variance • cost inefficiency • control variable • marginal variance

  15. Standards that can be achieved only under perfect operating conditions are called • normal standards • ideal standards • currently attainable standards • variable standards

  16. Standards for direct materials, direct labor and factory overhead can be separated into which two components? • a price standard and a normal standard • a price standard and a variable standard • a price standard and a quantity standard • a normal standard and a quantity standard

  17. A budget performance report will show • actual costs • standard amounts for the actual level of production achieved • the difference between actual costs and standard amounts • all of these choices

  18. The total direct materials cost variance is equal to the • sum of the materials price variance and the materials quantity variance • difference between the materials price variance and the materials quantity variance • product of the materials price variance and the materials quantity variance • materials price variance

  19. The total direct labor cost variance is equal to the • direct labor rate variance • sum of the direct labor rate variance and the direct labor time variance • difference between the direct labor rate variance and the direct labor time variance • product of the direct labor rate variance and the direct labor time variance

  20. In computing factory overhead variances, the standard overhead rate is determined by • dividing the budgeted factory overhead costs by the standard amount of productive activity • dividing the budgeted factory overhead costs by the actual amount of productive activity • dividing the actual factory overhead costs by the standard amount of productive activity • dividing the actual factory overhead costs by the actual amount of productive activity

  21. The variable factory overhead controllable variance is • the difference between the standard variable overhead incurred at actual production and the budgeted variable overhead for actual production • the sum of the actual variable overhead incurred and the budgeted variable overhead for actual production • the difference between the actual variable overhead incurred and the budgeted variable overhead for actual production • the difference between the actual variable overhead incurred and the standard variable overhead for actual production

  22. If the standard fixed overhead exceeds the budgeted overhead at 100% of normal capacity, the variance is • not able to be determined • neither favorable nor unfavorable • unfavorable • favorable

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