ACCT 434 Week 2 Quiz - Two Different Set

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                        ACCT 434 Advanced Cost Management - DeVry

 

ACCT 434 Week 2 Quiz Set 1
1. Question : (TCO 2) Operating budgets and financial budgets
2. Question: (TCO 2) To gain the benefits of budgeting, __must understand and support the budget.
3. Question : (TCO 2) Which budget is not necessary to prepare the budgeted balance sheet?
4. Question : (TCO 2) A feature of a standard-costing system is that the costs of every product or service planned to be worked on during the period can be computed at the start of that period. This feature of standard costing makes it possible to
5. Question : (TCO 2) An unfavorable variance indicates that
6. Question : (TCO 2) Which of the following statements is true about overhead cost variance analysis using activity-based costing?
7. Question : (TCO 2) Overhead costs have been increasing due to all of the following except
8. Question : (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000; Operating income $150,000. Katie is developing the 20X9 budget. In 20X9, the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted sales for 20X9?
9. Question : (TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2008, through June 30, 2009. …………………………..If Hester Company plans to sell 600,000 units during the 2008-2009 fiscal year, the number of units it would have to manufacture during the year would be
10. Question : (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table: ………………………………………………..........................
Management estimates that 5% of credit sales are not collectible. Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in the month following the sale. Cost of purchases of inventory each month are 70% of the next month's projected total sales. ll purchases of inventory are on account; 25% are paid in the month of purchase, and the remainder is paid in the month following the purchase. Brenton's budgeted total cash payments in March for inventory purchases are
ACCT 434 Week 2 Quiz Set 2

1. Question : (TCO 2) Benchmarking is

2. Question : (TCO 2) To gain the benefits of budgeting, ________ must understand and support the budget.

3. Question : (TCO 2) Which budget is not necessary to prepare the budgeted balance sheet?

4. Question : (TCO 2) A flexible budget

5. Question : (TCO 2) An unfavorable variance indicates that

6. Question : (TCO 2) Which of the following statements is true about overhead cost variance analysis using activity-based costing?

7. Question : (TCO 2) Overhead costs have been increasing due to all of the following except

8. Question : (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000; Operating income $150,000. Katie is developing the 20X9 budget. In 20X9, the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted cost of goods sold for 20X9?

9. Question : (TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2008, through June 30, 2009. …………… If Hester Company plans to sell 500,000 units during the 2008-2009 fiscal year, the number of units it would have to manufacture during the year would be

10. Question : (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table: ………….Management estimates that 5% of credit sales are not collectible. Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in the month following the sale. Cost of purchases of inventory each month are 70% of the next month's projected total sales. ll purchases of inventory are on account; 25% are paid in the month of purchase, and the remainder is paid in the month following the purchase. Brenton's budgeted total cash receipts in April are

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    ACCT 434 Week 2 Quiz - 2 Different Set (Advanced Cost Management - DeVry)
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