The difference between actual price per unit of input and the standard price per unit of input results in a:
A. Standard variance.
B. Quantity...
The anticipated costs incurred under normal conditions to produce a specific product or to perform a specific service are:
The anticipated costs incurred under normal conditions to produce a specific product or to perform a specific service are:
A. Variable costs.
B....
When there is a difference between the actual volume of production and the standard volume of production, which of the following, based solely on fixed overhead, occurs:
When there is a difference between the actual volume of production and the standard volume of production, which of the following, based solely on fixed...
Standard costs are used in the calculation of:
Standard costs are used in the calculation of:
A. Price and quantity variances.
B. Price variances only.
C. Quantity variances only.
D....
Operating budgets include all the following budgets except the:
Operating budgets include all the following budgets except the:
A. Sales budget.
B. Selling expense budget.
C. Cash budget.
D. Production...
The practice of preparing budgets for each of several future periods and revising those budgets as each period is completed, adding a new budget each period so that the budgets always cover the same number of future periods, is called:
The practice of preparing budgets for each of several future periods and revising those budgets as each period is completed, adding a new budget each...
Which of the following must be prepared before the direct labor budget?
Which of the following must be prepared before the direct labor budget?
A. Budgeted income statement.
B. Merchandise purchases budget.
C....
All of the following are necessary for budgets to be effective except:
All of the following are necessary for budgets to be effective except:
A. Goals should be challenging and attainable.
B. Employees affected...
When evaluating a special order, management should:
When evaluating a special order, management should:
A. Only accept the order if the incremental revenue exceeds all product costs.
B. Only...
Which of the following would be a line item for a variable costing income statement?
Which of the following would be a line item for a variable costing income statement?
A. Gross margin
B. Cost of goods available for sale
C....
Which of the following is not included in the product cost under variable costing?
Which of the following is not included in the product cost under variable costing?
A. Direct materials.
B. Fixed manufacturing overhead
C....
The sales level at which a company neither earns a profit nor incurs a loss is the:
The sales level at which a company neither earns a profit nor incurs a loss is the:
A. Relevant range.
B. Margin of safety.
C. Step-wise variable...
In cost-volume-profit analysis, the unit contribution margin is:
In cost-volume-profit analysis, the unit contribution margin is:
A. Sales price per unit less cost of goods sold per unit.
B. Sales price per...
A target income refers to:
A target income refers to:
A. Income at the break-even point.
B. Income from the most recent period.
C. Income planned for a future period.
D....
Which of the following statements is NOT true?
Which of the following statements is NOT true?
A. Total fixed costs remain the same regardless of volume within the relevant range.
B. Total variable...
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