Question 1

The performance standard usually considered best in setting standard costs is?

Accepted Answer

A) Historical 
B) Attainable 
C) Average 
D) Ideal 
A) Historical 
B) Attainable 
C) Average 
D) Ideal

Question 2

The item,department or job for which costs are accumulated is called a:

Accepted Answer

A) Cost object 
B) Responsibility centre 
C) Business 
D) Balanced scorecard 
A) Cost object 
B) Responsibility centre 
C) Business 
D) Balanced scorecard

Question 3

A____________________ standards are preferred because they represent targets that can be achieved with a reasonable efficient effort.

Accepted Answer

The answer of A____________________ standards are preferred because they represent...

Question 4

A v_____________ is the difference between expected and actual results.

Accepted Answer

The answer of A v_____________ is the difference between expected...

Question 5

Ten minutes of direct labour is needed to produce one unit of product and direct labour is paid $24 per hour.Budgeted output for the period is estimated to be 8,000 units.Actual output for the period turns out to be 8,500 units and actual labour costs are $36,200 What budgeted direct labour amount should actual direct labour costs be compared to in order to calculate a valid variance?

Accepted Answer

A) $32,000 
B) $19,200 
C) $20,400 
D) $34,000 
A) $32,000 
B) $19,200 
C) $20,400 
D) $34,000

Question 6

Compute the correct variances: Budgeted sales $110,000: Actual sales $118,000.Actual direct labour $40,000: Budgeted direct labour $42,000.

Accepted Answer

A) Sales variance $8,000 F: Direct labour variance $2,000 F 
B) Sales variance $8,000 F: Direct labour variance $2,000 U 
C) Sales variance $8,000 U: Direct labour variance $2,000 F 
D) Sales variance $6,000 U: Direct labour variance $4,000 U 
A) Sales variance $8,000 F: Direct labour variance $2,000 F 
B) Sales variance $8,000 F: Direct labour variance $2,000 U 
C) Sales variance $8,000 U: Direct labour variance $2,000 F 
D) Sales variance $6,000 U: Direct labour variance $4,000 U

Question 7

Which of these statements is not true? A responsibility accounting system:

Accepted Answer

A) Recognises that expenses are the collective responsibility of the organisation 
B) Requires managers to participate in the development of financial plans for their unit 
C) Measures separately the performance of each manager's area of responsible 
D) Holds managers responsible for costs and income over which they have control 
A) Recognises that expenses are the collective responsibility of the organisation 
B) Requires managers to participate in the development of financial plans for their unit 
C) Measures separately the performance of each manager's area of responsible 
D) Holds managers responsible for costs and income over which they have control

The performance standard usually considered best in setting standard costs is?

The item,department or job for which costs are accumulated is called a:

A____________________ standards are preferred because they represent targets that can be achieved with a reasonable efficient effort.

A v_____________ is the difference between expected and actual results.

Compute the correct variances: Budgeted sales $110,000: Actual sales $118,000.Actual direct labour $40,000: Budgeted direct labour $42,000.

Which of these statements is not true? A responsibility accounting system:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Internal Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Differential Analysis,profitability Analysis and Capital Budgeting

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Liabilities

Analysis and Interpretation of Financial Statements

Filters

Exam 13: Performance Evaluation for Managers

The performance standard usually considered best in setting standard costs is?

The item,department or job for which costs are accumulated is called a:

A____________________ standards are preferred because they represent targets that can be achieved with a reasonable efficient effort.

A v_____________ is the difference between expected and actual results.

Compute the correct variances: Budgeted sales $110,000: Actual sales $118,000.Actual direct labour $40,000: Budgeted direct labour $42,000.

Which of these statements is not true? A responsibility accounting system:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Internal Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Differential Analysis,profitability Analysis and Capital Budgeting

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Liabilities

Analysis and Interpretation of Financial Statements

Filters