Flexible budget variance Samenvattingen, Aantekeningen en Examens

MHA 706 Module 6 The operating or five-year plan lays out the organization's goals and .... - correct answer objectives What are the common kinds of budgets and control mechanisms needed in an organization? - correct answer Statistics budget, Revenue budget, Expense budget, Operating budget Budgets can be used for all the following.... - correct answer Communication, Control, Planning Conventional approach to budgeting - correct answer uses the previous established budg...

Table of Contents Chapter 1 The Accountant's Role in the Organization ................................................................................. 1 Chapter 2 An Introduction to Cost Terms and Purposes ............................................................................. 1 Chapter 3 Cost-Volume-Profit Analysis ...................................................................................................... 1 Chapter 4 Job Costing ..............................................

1. Comparing a static planning budget to actual costs is a good way to assess whether variable costs are under control. FALSE 2. Directly comparing a static planning budget to actual costs helps to distinguish between differences in costs that are due to changes in activity and differences that are due to how well costs were controlled. FALSE 3. Fixed costs should be ignored when evaluating how well a manager has controlled costs. FALSE 4. Fixed costs should be included in a flexible b...

What are the 3+1 stages of absorption costing? 1. Allocation 2. Apportionment 3. Absorption = Production Cost 4. Under/over = Non prod OH Why would you use Absorption Costing? Valuing Inventory Pricing Decisions Establishing profitability What are pros and cons of absorption and marginal costing? Absorption -Avoids varying profits if sales are seasonal -Consistent with accounting standards -Recognises Long Run variable costs -Implies OH related to production = Manipulate profit ...

Budgets can be improved as performance measures by: a. using fixed budgeting. b. using participative budgeting. c. setting standards that are either too high or too low. d. holding managers accountable for noncontrollable costs. - ANSWERSb. using participative budgeting. _____ is an example of a monetary incentive used to control a manager's tendency to shirk and waste resources. a. A promotion b. A recognition program c. Increased responsibility d. Job enrichment - ANSWERSa. A promo...

Horngren's Cost Accounting 17th Edition by Srikant M. Datar, Madhav V. Rajan test bank. Full Chapters test bank in PDF 1. The Manager and Management Accounting 2. An Introduction to Cost Terms and Purposes 3. Cost–Volume–Profit Analysis 4. Job Costing 5. Activity-Based Costing and Activity-Based Management 6. Master Budget and Responsibility Accounting 7. Flexible Budgets, Direct-Cost Variances, and Management Control 8. Flexible Budgets, Overhead Cost Variances, and Management Control 9. I...

Accounting: What costs should be considered when making non-routine decisions? (3) - CORRECT ANSWER The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? - CORRECT ANSWER Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? - CORRECT ANSWER The difference between variable costs subtracted from sales Accounting: In a continuous budget plan how many ...

BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK) Accounting: What costs should be considered when making non-routine decisions? (3) Ans- The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? Ans- Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? Ans- The difference between variable costs subtracted from sales Accounting: In a ...

Horngren's Cost Accounting 17th Edition by Srikant M. Datar, Madhav V. Rajan test bank. Full Chapters test bank in PDF 1. The Manager and Management Accounting 2. An Introduction to Cost Terms and Purposes 3. Cost–Volume–Profit Analysis 4. Job Costing 5. Activity-Based Costing and Activity-Based Management 6. Master Budget and Responsibility Accounting 7. Flexible Budgets, Direct-Cost Variances, and Management Control 8. Flexible Budgets, Overhead Cost Variances, and Management Control 9. I...

WGU C253 Managerial Accounting, Exam Review Questions. Latest update, VERIFIED. Pre-determined overhead rate formula - -projected overhead costs / expected activity base applied overhead formula - -pre-determined overhead rate x actual units of allocation based (such as direct labor hours) Under/over applied overhead rate = - -actual MOH - applied MOH Job cost = - -Direct materials + direct labor + applied MOH + (beg wip - ending wip) Cost of good sold = - -cost of goods manufactured ...