Standard Cost vs. Job Order Cost Accounting Systems Video

Instructions:

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

question 1 of 3

Which of the following is an example of a raw material for a company that manufacturers wooden furniture?

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1. Which of the following scenarios would represent an unfavorable variance?

2. Which inventory costing method would be most appropriate for a bakery that creates custom-ordered birthday cakes?

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About This Quiz & Worksheet

The quiz/worksheet combo helps test your understanding of standard cost vs. job order cost systems. In order to do well on the quiz, which has a multiple-choice format, you need to know about raw materials and an unfavorable variance.

Quiz & Worksheet Goals

The goal of these resources is to assess your knowledge of:

  • Inventory costing methods
  • Examples of raw materials
  • Components of calculating a standard cost
  • An unfavorable variance

Skills Practiced

  • Provlem solving - use what you've learned to calculate the standard cost in a sample problem
  • Information recall - access the knowledge you have gained about what a raw material is
  • Interpreting information - verify that you can read information about an example of an unfavorable variance and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the lesson on job order cost and standard cost systems

Additional Learning

Gain additional knowledge about these systems with our lesson, Standard Cost vs. Job Order Cost Accounting Systems. In this lesson, you can cover the following topics in greater detail:

  • The importance of tracking inventory costs
  • How standard cost and job order cost differ
  • The meaning of standard cost
  • Calculating job order costs
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