ACCTMIS 2300 Exam 3 questions well
answers 2025/2026 latest update
standards - ANS ✔✔benchmarks or 'norms' for measuring performance
cost standards - ANS ✔✔specify how much should be paid for each unit of the input
quantity standards - ANS ✔✔specify how much of an input should be used to make a product or
provide a service
standard cost card - ANS ✔✔detailed listing of the standards that should go into making a unit
of product
variance - ANS ✔✔difference between actual results and standards
price variance - ANS ✔✔difference between actual price and standard price
quantity variance - ANS ✔✔difference between actual quantity and standard quantity
unfavorable variance - ANS ✔✔positive variance
favorable variance - ANS ✔✔negative variance
(AQ x AP) - (AQ x SP) - ANS ✔✔dm price variance formula
, direct materials purchased - ANS ✔✔what does the AQ in DM price variance represent?
(AQ x SP) - (SQ x SP) - ANS ✔✔dm quantity variance formula
direct materials used in production - ANS ✔✔what does AQ in DM quantity variance represent?
DM price variance - ANS ✔✔measures the difference between what is actually paid to purchase
direct materials and what should have been paid, according to the standards
DM quantity variance - ANS ✔✔measures the difference between how much in direct materials
was actually used in production and how much should have been used, according to the
standards
(AH x AR) - (AH x SR) - ANS ✔✔DL rate variance formula
(AH x SR) - (SH x SR) - ANS ✔✔DL efficiency variance formula
DL rate variance - ANS ✔✔measures the difference between what was actually paid to the
direct laborers and what should have been paid, according to the standards
DL efficiency variance - ANS ✔✔measures the difference between the amount of direct labor
that was actually used to produce goods and how much should have been used, according to
the standards
actual variable overhead cost - (AH x SR) - ANS ✔✔VOVH spending variance formula
(AH x SR) - (SH x SR) - ANS ✔✔VOVH efficiency variance formula
answers 2025/2026 latest update
standards - ANS ✔✔benchmarks or 'norms' for measuring performance
cost standards - ANS ✔✔specify how much should be paid for each unit of the input
quantity standards - ANS ✔✔specify how much of an input should be used to make a product or
provide a service
standard cost card - ANS ✔✔detailed listing of the standards that should go into making a unit
of product
variance - ANS ✔✔difference between actual results and standards
price variance - ANS ✔✔difference between actual price and standard price
quantity variance - ANS ✔✔difference between actual quantity and standard quantity
unfavorable variance - ANS ✔✔positive variance
favorable variance - ANS ✔✔negative variance
(AQ x AP) - (AQ x SP) - ANS ✔✔dm price variance formula
, direct materials purchased - ANS ✔✔what does the AQ in DM price variance represent?
(AQ x SP) - (SQ x SP) - ANS ✔✔dm quantity variance formula
direct materials used in production - ANS ✔✔what does AQ in DM quantity variance represent?
DM price variance - ANS ✔✔measures the difference between what is actually paid to purchase
direct materials and what should have been paid, according to the standards
DM quantity variance - ANS ✔✔measures the difference between how much in direct materials
was actually used in production and how much should have been used, according to the
standards
(AH x AR) - (AH x SR) - ANS ✔✔DL rate variance formula
(AH x SR) - (SH x SR) - ANS ✔✔DL efficiency variance formula
DL rate variance - ANS ✔✔measures the difference between what was actually paid to the
direct laborers and what should have been paid, according to the standards
DL efficiency variance - ANS ✔✔measures the difference between the amount of direct labor
that was actually used to produce goods and how much should have been used, according to
the standards
actual variable overhead cost - (AH x SR) - ANS ✔✔VOVH spending variance formula
(AH x SR) - (SH x SR) - ANS ✔✔VOVH efficiency variance formula
