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ACC 206 ACC206 Week 4 Power Point Quiz Chapter 7 with Answers

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ACC 206 Principles of Accounting II Week 4 Power Point Quiz Chapter 7 Answers

A favorable standard cost variance occurs when planned cost is less than actual cost. (Points : 1)

Question 2. 2. A favorable variance would indicate to a manager that no further review is necessary. (Points : 1)

Question 3. 3. Materials quantity variance is the difference between the standard cost of the standard quantity of materials that should have been used and the standard cost of the actual quantity of materials used. (Points : 1)

Question 4. 4. The labor rate variance is the difference between the standard hours allowed and actual hours used for the standard labor rate. (Points : 1)

Question 5. 5. The overall overhead variance is the difference between the amount applied and the amount actually spent for overhead. (Points : 1)

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