QUESTION 1 Spreadsheet software can aid in the preparation and analysis of budgets because of which relationship between static and flexible budgets?...

QUESTION 1

1. Spreadsheet software can aid in the preparation and analysis of budgets because of which relationship between static and flexible budgets?
2. a.Static budget provides responses to the question "What if" the planned budget had included a certain volume.
3. b.Flexible budget provides responses to the question "What if" the planned budget had included a certain volume.
4. c.Static budget can be used as the basis of the master budget.
5. d.Flexible budgets can be used to derive budgeted financial statements.

1 points  

QUESTION 2

1. Which of the following is not true?
2. a.Actual sales greater than expected sales are an unfavorable variance.
3. b.Actual sales less than expected sales are an unfavorable variance.
4. c.Actual costs less than expected costs are a favorable variance.
5. d.Actual costs greater than expected costs are an unfavorable variance.

1 points  

QUESTION 3

1. Standards that are easily attainable with or accomplished with a minimal effort are referred to as:
2. a.Ideal Standards
3. b.Lax Standards
4. c.Practical Standards
5. d.Employee Standards

1 points  

QUESTION 4

1. Standards, which are difficult to achieve due to reasons beyond the individual performing the task, are the result of firm using which of the following methods to establish standards?
2. a.Ideal Standards
3. b.Lax Standards
4. c.Practical Standards
5. d.Employee Standards

1 points  

QUESTION 5

1. Static Budget
2. Actual Result
3. Units
4. 44,000
5. 48,000
6. Sales
7. $2,640,000
8. $2,760,000
9. Variable Manufacturing Costs
10. $880,000
11. $936,000
12. Variable Selling & Administrative
13. $66,000
14. $72,000
15. Fixed Manufacturing Costs
16. $700,000
17. $750,000
18. Fixed Selling and Administrative
19. $800,000
20. $800,000
21. What is the amount of the Total Sales Variance?
22. a.$120,000 F
23. b.$120,000 U
24. c.$240,000 F
25. d.$240,000 U

1 points  

QUESTION 6

1. Static Budget
2. Actual Result
3. Units
4. 44,000
5. 48,000
6. Sales
7. $2,640,000
8. $2,760,000
9. Variable Manufacturing Costs
10. $880,000
11. $936,000
12. Variable Selling & Administrative
13. $66,000
14. $72,000
15. Fixed Manufacturing Costs
16. $700,000
17. $750,000
18. Fixed Selling and Administrative
19. $800,000
20. $800,000
21. What is the amount of the Flexible Budget Variance for Variable Manufacturing Costs? (Hint - calculate unit cost for the static budget and then apply to the actual units - that is the "should be" then compare to the actual)
22. a.0
23. b.$6,000 U
24. c.$24,000 F
25. d.$46,000 U

1 points  

QUESTION 7