Reference: 11-13 The Upton Company Employs a Standard Costing System in Which

question 5

Multiple Choice

Reference: 11-13
The Upton Company employs a standard costing system in which variable overhead is assigned to production on the basis of direct labour hours. Data for the month of February include the following:
Variable manufacturing overhead cost incurred: $48,700
Total variable overhead variance: $300 F
Standard hours allowed for actual production: 7,000
Actual direct labour hours worked: 6,840
-Which of the following could result in a situation where the use of a standard cost system to control labour costs might not be the most useful?

• A)Standards are viewed by employees as reasonable.
• B)Manufacturing is highly automated.
• C)There is a desire to simplify the accounting for costs of items manufactured.
• D)The integration of costing with responsibility accounting.

Grasp the principles of creating and interpreting frequency distributions and relative frequency histograms, including class interval selection and the significance of class relative frequency.

Recognize the characteristics of variable, experimental unit, statistical inference, and their application in real-world scenarios.

Understand the usage and interpretation of various graphical data presentations, including stem-and-leaf plots, bar charts, pie charts, and dot plots.

Identify the principles of descriptive and inferential statistics, including their applications and differences.

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Definitions:

Team Leadership

involves the ability to guide, inspire, and coordinate a group of people towards achieving a common goal.

Team Design

it involves structuring and organizing a team in a way that maximizes its effectiveness and efficiency, often considering roles, skills, and communication strategies.

Task Planning

The activity of organizing, outlining steps, and allocating resources necessary to achieve a specific goal or complete a project.

Preplanning

The process of planning in advance, often involves setting objectives, outlining strategies, and preparing for potential challenges.