Question Details

A report based on predicted amounts of revenues 


1. Standard costs are used in the calculation of:
A. Price and quantity variances.
B. Price variances only.
C. Quantity variances only.
D. Price, quantity, and sales variances.
E. Quantity and sales variances.
2. A company provided the following direct materials cost information. Compute the cost

Standard costs assigned:	
Direct materials standard cost (405,000 units @ $2/units)	$810,000
Actual costs	
Direct materials costs incurred (403,750 units @ $2.20/units )	$888,250

variance.
A. $2,500 Favorable.
B. $78,250 Favorable.
C. $78,250 Unfavorable.
D. $80,750 Favorable.
E. $80,750 Unfavorable.
3. An analytical technique used by management to focus on the most significant variances and give less
attention to the areas where performance is satisfactory is known as:
A. Controllable management.
B. Management by variance.
C. Performance management.
D. Management by objectives.
E. Management by exception.
4. A planning budget based on a single predicted amount of sales or production volume is called a:
A. Sales budget.
B. Standard budget.
C. Flexible budget.
D. Fixed budget.
E. Variable budget.
5. A report based on predicted amounts of revenues and expenses corresponding to the actual level of output
is called a:
A. Rolling budget.
B. Production budget.
C. Flexible budget.
D. Merchandise purchases budget.
E. Fixed budget.



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