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Book Cover
Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs
Standard Cost Systems

True/False Quiz

Please answer all questions



1

Standard cost systems are used to evaluate and control various aspects of operating efficiency.
A)True
B)False
2

A Labor Rate Variance account with a debit balance represents a favorable variance.
A)True
B)False
3

Any cost variances existing at the end of a month should be added to the Cost of Goods Sold account.
A)True
B)False








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