Recent Question

An unfavorable variance is recorded 1. An overhead cost variance is the difference between the actual overhead incurred for the period and the standard overhead applied. True False 2. A volume variance is the difference between overhead at maximum production volume and that at the budgeted production volume. True False 3. An unfavorable variance is recorded with a debit. True False 4. If cost variances are material, they should al ...

Other / Other 12 Apr 2016

Bartels Corp. produces woodcarvings 1. Kyle, Inc. has collected the following data on one of its products. The direct materials price variance Direct material standard (4 lbs. @ $1/lb.) $4 per finished unit Total direct materials cost variance-unfavorable $ 13,750 Actual direct materials used 150,000 lbs. Actual finished units produced 30,000 units is: A. $13,750 unfavorable. B. $16,250 unfavorable. C. $16,250 favorable. D. $ ...

Other / Other 12 Apr 2016

Actual performance and standard costs at the budgeted sales 1. Static budget is another name for: A. Standard budget. B. Flexible budget. C. Variable budget. D. Fixed budget. E. Master budget. 2. Variable budget is another name for: A. Cash budget. B. Flexible budget. C. Fixed budget. D. Manufacturing budget. E. Rolling budget. 3. Identify the situation that will result in a favorable variance. A. Actual revenue is higher t ...

Other / Other 12 Apr 2016

A flexible budget expresses variable costs on a per unit 1. Sales variances allow managers to focus on sales mix as well as sales quantities. True False 2. Sales variances may be computed in a manner similar to cost variances-that is, computing both price and volume variances. True False 3. A flexible budget expresses all costs on a per unit basis. True False 4. Although a fixed budget is only useful over the relevant range of oper ...

Other / Other 12 Apr 2016

Fixed budget performance reports 1. Within the same budget performance report, it is impossible to have both favorable and unfavorable variances. True False 2. Cost variances are ignored under management by exception. True False 3. Management by exception allows managers to focus on the most significant variances in performance. True False 4. Variable budget is another name for a flexible budget. True False 5. Fixed budget perfo ...

Other / Other 12 Apr 2016

A comparative balance sheet for Halpern Corporation 1 A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet 2014 2013 Assets Cash $ 36,000 $ 31,000 Accounts receivable (net) 70,000 60,000 Prepaid insurance 25,000 17,000 Land 18,000 40,000 Equipment 70,000 60,000 Accumulated depreciation (20,000) (13,000) Total Assets $199,000 $195,000 Liab ...

Other / Other 08 Apr 2016

Dredd Company has begun a worksheet Ex. 1 The following information is available for Young Corporation: Capital expenditures $115,000 Cash dividends 75,000 Cash provided by operations 220,000 Net income 130,000 Sales 600,000 Instructions Compute Young Corporation's free cash flow. aEx. 2 Dredd Company has begun a worksheet for preparing a statement of cash flows. The following additional information is provided: 1. Cash ...

Other / Other 08 Apr 2016

The statement of cash flows is the only required financial statement 1 The statement of cash flows is the only required financial statement that is not prepared from an adjusted trial balance. (a) What are the sources of information for preparing a statement of cash flows? (b) Explain how the accrual basis of accounting affects the statement of cash flows. 2 Cash flows from operating activities can be calculated using the indirect ...

Other / Other 08 Apr 2016

What are the operating income results for each division 1. DesMoines Valley Company has two divisions, Computer Services and Management Advisory Services. In addition to their external customers, each division performs work for the other division. The external fees earned by each division in 20x3 were $200,000 for Computer Services and $350,000 for Management Advisory Services. Computer Services worked 3,000 hours for Management Advi ...

Other / Other 08 Apr 2016

Which of the different transfer-pricing methods 1. Which of the different transfer-pricing methods preserves sub-unit autonomy? a. Market-based transfer pricing b. Cost-based transfer pricing c. Negotiated transfer pricing d. Both (a) and (c) 2. The minimum transfer price equals a. opportunity costs less the additional outlay costs. b. opportunity costs times 125% plus the additional outlay costs. c. opportunity cos ...

Other / Other 08 Apr 2016