The Shortcomings of a Spreadsheet-Based System Include All of the Following

question 47

Multiple Choice

The shortcomings of a spreadsheet-based system include all of the following, except:

• A)The design of spreadsheets is very time consuming
• B)The abundance of fixed asset data
• C)It is difficult to apply varying depreciation policies within spreadsheets
• D)It is difficult to establish an audit trail with spreadsheets

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Definitions:

Standard Quantity

This term refers to the amount of input (materials, labor, etc.) that should be used in the production of a unit of goods under normal conditions.

Standard Price

A pre-determined cost allocated to a single unit of product or service, used for budgeting and performance evaluation.

Ideal Standards

Standards that assume peak efficiency at all times.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected (standard) quantity, multiplied by the standard cost of those materials.