Standard Costs Are Used in the Calculation Of

question 40

Multiple Choice

Standard costs are used in the calculation of:

• A) Quantity variances only.
• B) Quantity and sales variances.
• C) Price and quantity variances.
• D) Price variances only.
• E) Price, quantity, and sales variances.

---

Definitions:

Sundry Liabilities

Generally refers to a category of various minor or infrequent liabilities that a company might incur, which are too small or irregular to warrant individual classification.

One-Line Method

An accounting method used in consolidated financial statements where the investment in a subsidiary is presented as a single line item, reflecting the net assets of the subsidiary.

AASB 11

is an accounting standard that deals with the financial reporting of interests in joint arrangements.

Joint Operations

A business activity in which two or more parties share control and are jointly responsible for management, assets, and liabilities associated with the activity.