A managerial audit report that presents predicted amounts of the company"s assets, liabilities, and equity as of the finish of the budget period is called a(n):Budgeted balance sheet.Continuous balance sheet.Rolling balance sheet.Cash balance sheet.Operating balance sheet.

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Which the the following must be prepared before the straight labor budget?Capital expenditures budget.Merchandise purchases budget.Selling expense budget.Budgeted earnings statement.Production budget.
A managerial accounting report the presents predicted quantities of the company"s revenues and also expenses for the budget period is called a:Continuous benefit statement.Budgeted earnings statement. Budgeted balance sheet.Rolling revenue statement.Master plan.
All the the complying with are necessary for budgets come be effective except:All budgeted amounts must be invested to ensure the budgets aren"t lessened for the next period. Supervisors must be mindful of potential an unfavorable outcomes that budgeting, such as budgetary slack.Goals need to be complicated and attainable.Employees influenced by a budget should it is in consulted as soon as it is prepared.Evaluations must be made very closely with avenues to define differences between actual and budgeted amounts.
Operating budgets incorporate all the following except the:Selling cost budget.Production budget.General and also administrative cost budget.Sales budget.Budgeted balance sheet.
The usual starting point because that preparing a master budget plan is forecasting or estimating:Income.Cash payments.Expenditures.Production.Sales.
The normal budget period for most companies is:An annual duration separated into quarterly and monthly budgets. An annual duration separated right into weekly budgets.An annual duration of 250 functioning days.A quarterly period separated into weekly budgets.A monthly period separated into day-to-day budgets.
A arrangement that reports the devices or costs of merchandise to it is in purchased by a merchandising company during the budget duration is dubbed a:Sales budget.Capital expenditures budget.Selling costs budget.Cash budget.Merchandise purchase budget.
Which of the complying with budgets is no an operating budget?Production budget.Sales budget.Selling expenses budget.Cash budget. General and also administrative price budget.
A setup that mirrors the expected cash inflows and cash outflows throughout the budget period, including receipts from loans essential to keep a minimum cash balance and repayments of together loans, is referred to as a(n):Rolling budget.Cash budget. Capital expenditures budget.Income statement.Operating budget.
The understand budget process usually end with:The budgeted balance sheet. The overhead budget.The sales budget.The production budget.The selling expense budget.
Which that the complying with accounts would appear on a budgeted balance sheet?All the the selections are correct.Sales commissions.Depreciation expense.Income tax expense.Accounts receivable.
The procedure of planning future service actions and expressing them together a formal arrangement is called:Budgeting. Standard expense analysis.Managerial accounting.Variance analysis.Cost accounting.
A officially statement that future plans, typically expressed in monetary terms, is a:Variance analysis.Budget. Prospectus.Variance report.Position statement.
The main guidance of the budget procedure is the obligation of the:Budget Committee. Board of Directors.Chief audit Officer.Chief gaue won Officer (CFO).Chief executive Officer (CEO).
The typical materials expense to produce 1 unit that Product R is 6 pounds of material at a conventional price the $50 per pound. In manufacturing 8,000 units, 47,000 pounds of product were supplied at a price of $51 every pound. What is the straight materials quantity variance?$50,000 favorable.$3,000 favorable.$50,000 unfavorable.$47,000 unfavorable.$47,000 favorable.
$50,000 favorable.AQ × SP 47,000 pounds * $50/pound $ 2,350,000 SQ × SP 8,000 systems x 6 pounds/unit * $50/pound 2,400,000 straight materials quantity variance $50,000 F
Standard expenses are offered in the calculate of:Price, quantity, and also sales variances.Price and quantity variances. Quantity and also sales variances.Price variances only.Quantity variances only.
The difference in between actual price every unit that input and also the standard price every unit of input outcomes in a:Quantity variance.Standard variance.Controllable variance.Volume variance.Price variance.
Standard expenses are:Uniform amongst companies within an industry.Preset prices for moving a product or organization under typical conditions.Actual prices incurred to develop a details product or execute a service.Rarely achieved.Established by the IMA.
Use the adhering to data to uncover the straight labor price variance if the agency produced 7,000 devices of product during the period. Standard: straight labor (3.2 hrs. Per unit
$7.50/hr.) $183,750 $26,950 favorable.$14,700 favorable.$14,700 unfavorable.$12,250 unfavorable. $12,250 favorable.
$12,250 unfavorable. AH * AR Given. $183,750 AH SR 24,500 hrs.
$7/hr. $171,500 Direct labor rate variance $12,250 U
Hassock Corp. Produces woven wall surface hangings. That takes 2 hours of straight labor to develop a single wall hanging. Hassock"s conventional labor price is $12 per hour. During August, Hassock created 10,000 units and used 21,040 hrs of straight labor at a full cost the $250,376. What is Hassock"s labor effectiveness variance because that August?$12,480 unfavorable. $14,584 unfavorable.$10,376 unfavorable.$12,480 favorable.$4,160 favorable.
$12,480 unfavorable.AH SR 21,040
$12 $252,480 SH SR (2 × 10,000) * $12 $240,000 direct labor performance variance $12,480 U
Fletcher Company collected the complying with data about production of one of its products. Compute the typical quantity permitted for the yes, really output. Direct materials traditional (6 lbs.
$2/lb.) $12 every finished unitActual straight materials used 243,000 lbs.Actual finished units produced 40,000 unitsActual cost of straight materials used $483,570 80,000 pounds.243,000 pounds.240,000 pounds. 480,000 pounds.40,000 pounds.
A budget based upon several different levels of activity, often including both a best-case and worst-case scenario, is dubbed a:Rolling budget.Production budget.Fixed budget.Merchandise purchases budget.Flexible budget.
In this form of control system, the master spending plan is based upon a single prediction because that sales volume, and the budgeted amount for each price essentially assumes the a certain amount of sales will certainly occur:Variable budget.Flexible budget.Sales budget.Standard budget.Fixed budget.
Fletcher Company collected the following data about production of among its products. Compute the straight labor price variance. Straight labor traditional (2 hrs.
$12.75/hr.) $25.50 every finished unitActual direct labor hours 81,500 hrs.Actual perfect units produced 40,000 unitsActual price of direct labor $1,100,250 $61,125 favorable.$19,125 unfavorable.$61,125 unfavorable. $80,250 unfavorable.$80,250 favorable.
$61,125 unfavorable. Actual expense = $1,100,250; AH SR = (81,500
$12.75) = $1,039,125Direct labor rate variance = $61,125 unfavorable
Fletcher Company gathered the complying with data about production of among its products. Compute the straight materials quantity variance.Direct materials standard (6 lbs.
$2/lb.) $12 every finished unitActual direct materials used 243,000 lbs.Actual finished units produced 40,000 unitsActual expense of straight materials supplied $483,570 $3,570 unfavorable.$3,570 favorable.$6,000 unfavorable. $2,430 unfavorable.$2,430 favorable.
$6,000 unfavorable. AQ SP = 243,000
$2.00 = $486,000; SQ SP = 40,000 6 * $2.00 = $480,000Direct products quantity variance = $6,000 unfavorable
A job was budgeted to need 3 hours of job per unit at $8.00 every hour. The job included 8,000 units and was completed in 22,000 hours at a full labor price of $198,000. What is the direct labor rate variance?$16,000 favorable. $22,000 unfavorable.$16,000 unfavorable.$6,000 unfavorable.$22,000 favorable.
$22,000 unfavorable. AH * AR Given. $198,000 AH SR 22,000 hrs
$8/hour 176,000 direct labor price variance $22,000 U
Summerlin agency budgeted 4,000 pounds of product costing $5.00 per lb to develop 2,000 units. The agency actually offered 4,500 pounds that cost $5.10 per lb to produce 2,000 units. What is the direct materials price variance?$2,550 unfavorable.$2,500 unfavorable.$450 unfavorable. $400 unfavorable.$2,950 unfavorable.
$450 unfavorable.AQ × AP 4,500 pounds * $5.10/pound $22,950 AQ × SP 4,500 pounds * $5.00/pound 22,500 straight materials price variance $450 U
A company detailed the following straight materials price information. Compute the direct materials quantity variance.Standard prices assigned: straight materials standard price (405,000 units
$2.20/unit) $888,250 $2,500 Unfavorable.$2.500 Favorable. $78,250 Favorable.$2,750 Unfavorable$2,750 Favorable.
$2.500 Favorable.Direct products quantity variance = $2.00 standard price per unit x (405,000 traditional units - 403,750 really units) = $2,500 favorable
Identify the situation listed below that will an outcome in a favorable variance.Actual revenue is reduced than budgeted revenue.Actual revenue is reduced than expected income.Actual costs are greater than budgeted expenses.Actual revenue is higher than budgeted revenue. Actual costs are higher than budgeted costs.
Investment center managers are usually evaluated using performance measuresbased on legacy only.that combine income and also assets. That combine income and also capital.that integrate assets and capital.based on earnings only.
Expenses that room not easily associated with a particular department, and also which space incurred for the joint advantage of much more than one department, are:Fixed expenses.Uncontrollable expenses.Direct expenses.Indirect expenses. Variable expenses.
The difference in between a benefit center and an investment center isThere is no difference; investment center and also profit center are synonymous.An investment center incurs no costs however does create revenues.An investment center incurs costs, but does not straight generate revenues.An investment facility provides services to profit centers.An investment center is responsible because that investments make in operation assets.
A responsibility audit performance report displays:Only actual costs.Only budgeted costs.Only indirect costs.Both yes, really costs and also budgeted costs.Only straight costs.
Costs that the manager has the power to identify or at least significantly affect are called:Direct costs.Indirect costs.Joint costs.Uncontrollable costs.Controllable costs.
A unit that a company that generates revenues and also incurs costs is referred to as a:Cost center.Profit center. Power center.Expense center.Responsibility center.
The salaries of employees who spend all their time functioning in one department are:Variable expenses.Indirect expenses.Responsibility expenses.Direct expenses. Unavoidable expenses.
A department the incurs costs without directly generating revenues is a:Cost center. Business center.Profit center.Production center.Performance center.
The kind of department the generates revenues and also incurs costs, and also its manager is responsible for the investments made in operation assets is dubbed a(n):Responsibility centerCost centerInvestment centerProfit centerService department
An audit system that is collection up to manage costs and also evaluate managers" performance by assigning costs to the supervisors responsible for controlling them is dubbed a(n):Activity-based bookkeeping system.Cost bookkeeping system.Responsibility audit system. Managerial accounting system.Financial bookkeeping system.
Expenses that are conveniently traced and assigned come a certain department due to the fact that they are incurred because that the sole benefit of the department room called:Fixed expenses.Indirect expenses.Uncontrollable expenses.Direct expenses. Manageable expenses.
A cost facility is a unit that a company that incurs costs without straight generating revenues. Every one of the complying with are considered cost centers except:Purchasing room at ideal Buy.Advertising room at Hertz.Juice division at Coca Cola. Accounting department in ~ Warner Bros.Research department at Microsoft.
Plans that determine costs and also expenses under each manager"s regulate prior come the report period, typically based on the flexible budget plan approach, are called:Responsibility accountancy systems.Responsibility accountancy budgets. Cost bookkeeping systems.Activity-based audit systems.Managerial accounting systems.
An bookkeeping system the accumulates and also reports prices incurred by each service department for management to evaluate the power of a department is a:Departmental accounting system. Cost audit system.Revenue accounting system.Service bookkeeping system.Standard accounting system.

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Costs the the manager go not have actually the power to recognize or at the very least significantly impact are:Direct costs.Indirect costs.Uncontrollable costs. Share costs.Variable costs.
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Fundamental Financial accountancy Concepts10th EditionDanita Kelley, Gaile Moe, Gordon M Wardlaw, Jacqueline Berning
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