Test your knowledge of double entry bookkeeping with our online direct materials variance quiz.
Not Ready for the Direct Materials Variance Quiz?
If you need a refresher course on this topic update your knowledge using our tutorials about the direct materials quantity variance and the direct materials price variance, two of the main variances used in standard costing.
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Actual items produced 500
Standard quantity of sheets per item 2.00
Standard price per sheet 4.00
Actual quantity of sheets used 1,200
Actual items produced 600
Standard quantity of sheets per item 3.00
Standard price per sheet 2.00
Actual quantity of sheets used 1,700
Actual items produced 250
Standard quantity of sheets per item 50.00
Standard price per sheet 4.00
Actual quantity of sheets used 11,000
Actual quantity purchased 2,000
Standard price per sheet 2.00
Actual price per sheet 3.80
When allocating and clearing this balance what is the entry to the finished goods inventory account?
Try Another Double Entry Bookkeeping Quiz
The direct materials variance quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.
- Quiz 65: Accounting Transactions
- Quiz 5: Basic Accounting Principles Quiz
- Quiz 6: Debit and Credit Quiz
- Quiz 36: Basic Accounting Equation Quiz
About the Author
Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.