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Preparing Standard Cost Income Statements

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Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What kind of accounting practice must use a standard cost income statement?

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1. What is tracked closely on a standard cost income statement?

2. What kind of value would a favorable variance have on the standard cost income statement?

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About This Quiz & Worksheet

Evaluate your ability to understand standard cost income statements. If you want to pass the quiz, you should know details about favorable variance and what is tracked with standard cost income statements.

Quiz & Worksheet Goals

You will be tested on the following in these assessments:

  • Standard cost systems
  • Value of an unfavorable variance
  • The recommended accounting process for a standard cost income statement
  • Impact of a favorable variance
  • Type of variance that is listed line by line

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on standard cost income statements
  • Distinguishing differences - compare and contrast topics from the lesson, such as favorable and unfavorable variance
  • Knowledge application - use your knowledge to answer a question about manufacturing costs

Additional Learning

If you are interested in studying more information about this specific accounting practice, review the accompanying lesson titled Preparing Standard Cost Income Statements. These objectives will be detailed in this lesson:

  • Explore how to prepare standard cost income statements
  • Examine the different ways to count cost variances
  • Review the significance of a gross profit
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