This Cost Accounting Quiz assesses knowledge on variance analysis, budgeting processes, and production efficiency assumptions. It tests skills in planning, performance evaluation, and continuous improvement, crucial for effective financial management and organizational coordination.
Only pertains to variable overhead costs.
Equals the spending variance minus the efficiency variance.
Pertains to both fixed and variable overhead costs.
Only pertains to fixed overhead costs.
Is not applicable in analysis of inventory costs.
Rate this question:
That absorption costing is used
Production will occur at peak efficiency all the time
That variable costing is used
Production will occur at peak capacity where feasible (e.g. except for maintenance and repairs)
Rate this question:
Compel planning that includes the implementation of plans, require organizing, and ensure controlling
Compel planning that includes the implementation of plans, provide performance criteria, and promote goodwill.
Ensure that the organization meets its goals.
Provide performance criteria, promote goodwill, and save money.
Compel planning that includes the implementation of plans, provide performance criteria, and promote communication and coordination within the organization.
Rate this question:
A static budget.
A balanced budget.
A flexible budget.
A trial balance budget.
A cost budget.
Rate this question:
Continuous budgeting methods are employed.
Activity costs are budgeted based on current practices, methods, and costs.
Target pricing is key to budget preparation.
A rolling budget is employed to keep a handle on management.
Continuous improvements are incorporated into the budget.
Rate this question:
Standard measurement.
Budgeting.
Variance measurement.
Measuring the performance gap.
Benchmarking.
Rate this question:
Fixed, variable
Budgeted, standard.
Standard, budgeted.
Unfavourable, favourable.
Favourable, unfavourable.
Rate this question:
Last year's sales plus beginning finished goods inventory plus targeted ending finished goods inventory.
Budgeted sales less beginning finished goods inventory less targeted ending finished goods inventory.
Budgeted sales plus beginning finished goods inventory plus targeted ending finished goods inventory.
Budgeted sales less beginning finished goods inventory plus targeted ending finished goods inventory.
Budgeted sales plus beginning finished goods inventory less targeted ending finished goods inventory.
Rate this question:
Moving budget.
Target budget.
Master budget.
Rolling budget.
Timing budget.
Rate this question:
That focuses on the cost of activities necessary to produce and sell products and services
That requires budgeting each functional organizational unit.
Does not require an understanding of value added activities.
Used to determine production targets.
That requires determining the budgetary slack for the activity being measured
Rate this question:
Quiz Review Timeline (Updated): Jul 31, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
Wait!
Here's an interesting quiz for you.