Quiz 31: Costing – Direct Materials Variance

Test your knowledge of mdct.ru with our online direct materials variance quiz.

Not Ready for the Direct Materials Variance Quiz?

If you need a refresher course on this topic update your knowledge using our tutorials about the direct materials quantity variance and the direct materials price variance, two of the main variances used in standard costing.

Start the Direct Materials Variance Quiz

Click on an answer to reveal whether its Right! or Wrong

1. What is the formula for the direct materials price variance?
Wrong
Right!
Wrong
2. What is the formula for the direct materials quantity variance?
Right!
Wrong
Wrong
3. A manufacture produces items using plastic sheets, given the following information, what is the direct materials quantity variance?

Actual items produced 500
Standard quantity of sheets per item 2.00
Standard price per sheet 4.00
Actual quantity of sheets used 1,200

Wrong
Right!
Wrong

4. A manufacture produces items using plastic sheets, given the following information, what is the direct materials quantity variance?

Actual items produced 600
Standard quantity of sheets per item 3.00
Standard price per sheet 2.00
Actual quantity of sheets used 1,700

Wrong
Wrong
Right!
5. A manufacture produces items using plastic sheets, given the following information, what is the direct materials quantity variance?

Actual items produced 250
Standard quantity of sheets per item 50.00
Standard price per sheet 4.00
Actual quantity of sheets used 11,000

Wrong
Wrong
Right!
6. A favorable direct materials quantity variance is posted to which side of the direct materials quantity variance account?
Right!
Wrong
Wrong
7. An unfavorable direct materials price variance is posted to which side of the direct materials price variance account?
Wrong
Right!
Wrong
8. A manufacture produces items using plastic sheets, given the following information, what is the direct materials price variance?

Actual quantity purchased 2,000
Standard price per sheet 2.00
Actual price per sheet 3.80

Right!
Wrong
Wrong
9. A significant unfavorable (debit) balance of 8,000 is shown on the direct materials quantity variance account. At the period end, 20% of the material is in work in process, and 80% has been transferred to finished goods.
When allocating and clearing this balance what is the entry to the finished goods inventory account?
Right!
Wrong
Wrong
10. An insignificant favorable (credit) balance of 200 is shown on the direct materials price variance account, which account is the balance cleared to at the period end?
Wrong
Wrong
Right!

Try Another mdct.ru Quiz

The direct materials variance quiz is one of many of our online quizzes which can be used to test your knowledge of mdct.ru, discover another at the links below.

Quiz 31: Costing – Direct Materials Variance December 14th, 2016Team

You May Also Like


Related pages


future value calcaverage number of days to collect accounts receivableintangible assets examples balance sheetdefine acid test ratiocompute the lower of cost or market valuationgoodwill accounting treatmentcapacity utilization calculation formulareturn on common stockholders equity calculatorinventory value methodsoperating lease accounting lessorrumus discount factortimes interest earned ratio formulaaccounts receivable assessment testdebt equity ratio calculation formulaperpetual inventory exampleadjusting journal entry for bad debt expensebad debt write offspv fv tablesaccounting debit vs creditbookkeeping spreadsheetsentry for sale of fixed assetpaid interest on loan journal entryexamples of suspencedupont accountingformat of petty cash bookafda accountingmargin formula in excela bank reconciliation should be preparedoutstanding cheques definitionconsignee account numberacid test liquidity ratiobookkeeping using exceljournal entry to record depreciationpetty cash usesdefine daybookexample of horizontal analysisdefinition of obsolete inventorypresent annuity calculatoradjusting entries accrued expensestrial balance to balance sheet exampledeferred tax asset journal entry examplefixed assets turnover ratio exampledtl accountingreceivable control account formathow to calculate mortgage payment formulafactoring without recourseasset retirement obligation journal entryjournal entry for dividends paidnet60 paymenthow to record accrued expenseprepaid freight definitionbank reconcilliationsin consignment sales the consigneeliquidation of partnership accountingaccruing revenuedepreciation journal entry exampledefine bank reconciliation statementaccounting cycle worksheetroyalty expense accountingpv table annuity duejournal entry for ending inventoryfinancial accounting quizzeseffective annual rate calculationrefundable deposit accountingunearned revenue accountaccounting perpetual inventory systemwhat is a compound journal entry in accountingprepaid expenses treatment in balance sheetfob pointsa debit balance in the allowance for doubtful accountsdays sales in receivables calculatorstraight line depreciation calculation formuladebtors reconciliation templatewhat are debtors on a balance sheetannuity factor tableexample of cash voucher