객관식
The last step in the process for revenue recognition is to:
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3. Accrual Accounting Concepts
Revenue Recognition and Expense Recognition
객관식
The materials price variance is the difference between the actual price of materials and which of the following?
A
The standard price of materials, multiplied by the actual quantity purchased
B
The actual price of materials, multiplied by the standard quantity allowed
C
The standard cost of direct labor, multiplied by the actual hours worked
D
The standard price of materials, multiplied by the standard quantity allowed
검증된 단계별 안내1
Understand the concept of materials price variance: It measures the difference between the actual cost of materials and the expected (standard) cost, based on the quantity purchased.
Identify the formula for materials price variance: The formula is (Actual Price - Standard Price) × Actual Quantity Purchased.
Analyze the options provided: The correct answer should align with the formula for materials price variance, which involves the standard price of materials and the actual quantity purchased.
Eliminate incorrect options: For example, options involving direct labor or standard quantity allowed do not match the formula for materials price variance.
Select the correct answer: The correct option is 'The standard price of materials, multiplied by the actual quantity purchased,' as it matches the formula for calculating materials price variance.
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