Question 1

The flexible budget variance is the difference between the ________.

Accepted Answer

A) actual results and the expected results in the flexible budget for the actual units sold 
B) expected results in the flexible budget for the units expected to be sold and the static budget 
C) flexible budget and actual amounts due to differences in volumes 
D) flexible budget and static budget due to differences in fixed costs 
A) actual results and the expected results in the flexible budget for the actual units sold 
B) expected results in the flexible budget for the units expected to be sold and the static budget 
C) flexible budget and actual amounts due to differences in volumes 
D) flexible budget and static budget due to differences in fixed costs

Question 2

An efficiency variance measures how well the business uses its materials or human resources.

Accepted Answer

A) True 
 B)False

Question 3

A direct labor efficiency variance is favorable if laborers actually work more hours than the flexible budget calls for to produce the actual quantity of output .

Accepted Answer

A) True 
 B)False

Question 4

Maroon,Inc.uses a standard cost system.On December 31,the last day of the accounting period,the account balances include the following:   What is the standard net operating income of the company for the year ended December 31?

Accepted Answer

A) $8,780 
B) $6,290 
C) $8,470 
D) $7,530 
A) $8,780 
B) $6,290 
C) $8,470 
D) $7,530

The flexible budget variance is the difference between the ________.

An efficiency variance measures how well the business uses its materials or human resources.

A direct labor efficiency variance is favorable if laborers actually work more hours than the flexible budget calls for to produce the actual quantity of output .

Maroon,Inc.uses a standard cost system.On December 31,the last day of the accounting period,the account balances include the following: What is the standard net operating income of the company for the year ended December 31?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems

Cost-Volume-Profit Analysis

Variable Costing

Master Budgets

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Accounting Information Systems

Filters

Exam 23: Flexible Budgets and Standard Cost Systems

The flexible budget variance is the difference between the ________.

An efficiency variance measures how well the business uses its materials or human resources.

A direct labor efficiency variance is favorable if laborers actually work more hours than the flexible budget calls for to produce the actual quantity of output .

Maroon,Inc.uses a standard cost system.On December 31,the last day of the accounting period,the account balances include the following: What is the standard net operating income of the company for the year ended December 31?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems

Cost-Volume-Profit Analysis

Variable Costing

Master Budgets

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Accounting Information Systems

Filters