The cash budget is developed from the budgeted income statement.
a. True
b. False
Answer: B
The cash budget is developed from the budgeted income statement.
a. True
b. False
Answer: B
Showing posts with label Storing and Issuing Materials. Show all posts
Showing posts with label Storing and Issuing Materials. Show all posts
a. True
b. False
Answer: B
If the actual level of activity is 4% more than planned, then the fixed costs in the static budget should be increased by 4% before comparing them to actual costs.
If the actual level of activity is 4% more than planned, then the fixed costs in the static budget should be increased by 4% before comparing them to actual costs.
a. True
b. False
Answer: B
If the actual level of activity is 4% less than planned, then the costs in the static budget should be reduced by 4% before comparing them to actual costs.
If the actual level of activity is 4% less than planned, then the costs in the static budget should be reduced by 4% before comparing them to actual costs.
a. True
b. False
Answer: B
A static planning budget is suitable for planning and for evaluating how well costs are controlled.
A static planning budget is suitable for planning and for evaluating how well costs are controlled.
a. True
b. False
Answer: B
It may be easier to control fixed costs than variable costs.
It may be easier to control fixed costs than variable costs.
a. True
b. False
Answer: A
A flexible budget performance report should contain fixed as well as variable and mixed.
A flexible budget performance report should contain fixed as well as variable and mixed.
a. True
b. False
Answer: A
A favorable spending variance occurs when the actual cost is less than the amount of that cost in the flexible budget.
A favorable spending variance occurs when the actual cost is less than the amount of that cost in the flexible budget.
a. True
b. False
Answer: A
When the activity measure is the number of units sold, the revenue variance is unfavorable if the average actual selling price is less than expected.
When the activity measure is the number of units sold, the revenue variance is unfavorable if the average actual selling price is less than expected.
a. True
b. False
Answer: A
A revenue variance is unfavorable if the actual revenue is less than what the revenue should have been for the actual level of activity for the period.
A revenue variance is unfavorable if the actual revenue is less than what the revenue should have been for the actual level of activity for the period.
a. True
b. False
Answer: A
The ____ sheet is used to accumulate the indirect costs in each department that cannot be charged to specific jobs.
The ____ sheet is used to accumulate the indirect costs in each department that cannot be charged to specific jobs.
Answer: Departmental Overhead Analysis Sheet (DOAS)
A materials ledger card serves as a(n) __________ record.
A materials ledger card serves as a(n) __________ record.
Answer: perpetual inventory
The protection and identification of materials and the keeping of records are the responsibility of the ______________________.
The protection and identification of materials and the keeping of records are the responsibility of the ______________________.
Answer: storeroom supervisor
The general ledger Raw Materials account controls the _______.
The general ledger Raw Materials account controls the _______.
Answer: Material Ledger
The costs of materials issued from the storeroom are summarized in the ______.
The costs of materials issued from the storeroom are summarized in the ______.
Answer: Material Requisition Journal
A bill of materials Is sometimes used as a materials requisition.
A bill of materials Is sometimes used as a materials requisition.
Answer: True
A materials requisition is used to authorize the purchase of direct materials.
A materials requisition is used to authorize the purchase of direct materials.
Answer: False
The cost of indirect materials used is charged directly to the specific job.
The cost of indirect materials used is charged directly to the specific job.
Answer: False
The return shipping order authorizes the return of materials to the supplier.
The return shipping order authorizes the return of materials to the supplier.
Answer: True
The return of materials to the supplier is recorded in the returned materials journal.
The return of materials to the supplier is recorded in the returned materials journal.
Answer: False
At the end of the period, the balance of the Raw Materials account should equal the total of the balances (dollar amount) on the materials ledger cards.
At the end of the period, the balance of the Raw Materials account should equal the total of the balances (dollar amount) on the materials ledger cards.
Answer: True
Subscribe to:
Posts (Atom)