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Quiz 10
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Q.1
Budget which specifies an operating and financial plan, usually for a fiscal year or any specific period of time is classified as
annual budget
operating budget
specific budget
master budget
Q.2
First step in developing an operating budget is to
identify product
identify problem
identify quartiles
identify percentiles
Q.3
Method, which allocates cost of support department to operating and support departments is known as
indirect method
direct method
step down method
reciprocal method
Q.4
Approaches to allocate costs of support department do not include
sales mix allocation method
dual-rate cost-allocation method
single rate cost allocation method
both b and c
Q.5
In incremental cost allocation method, cost object user who is ranked second in ranking order is known as
First incremental user
primary user
secondary user
second incremental user
Q.6
Cash receipts is added in to beginning cash balance to calculate
total goods manufactured
total cash available
total revenue
total goods sold
Q.7
If budget sales units are 2000, an ending inventory is 3000 units and beginning inventory is 1000, then budget production would be
6000 units
4000 units
no units
8000 units
Q.8
Direct labour and salary outlays direct material purchases, which are classified as
price disbursements
cash disbursements
budget disbursements
goods disbursements
Q.9
According to incremental method, party which receives highest ranking in allocation of common cost is classified as
Third incremental party
second incremental party
primary party
First incremental party
Q.10
In Kaizen budgeting, costs are based on all improvements which is
to be implemented
based on current practice
based on past prices
based on sold quantity
Q.11
starting point in operating budget is
cost budget
material list
revenue budget
list of investors
Q.12
Master budget includes all projections of company's budget and focuses on
serial correlation
marketing plan
financial plan
both B and C
Q.13
Model which refers possibility for management to conduct sensitivity analysis can be categorized under
investment planning models
financial planning models
cost planning models
revenues forecast models
Q.14
Method of revenue allocation, which ranks products included in bundle according to predetermined criteria of management is known as
step down allocation method
stand-alone revenue allocation method
incremental revenue allocation method
revenue mix allocation method
Q.15
Mathematical relationships exist between operating and financing activities that affect master budget are called
math plan model
financial planning models
operating plan models
master plan models
Q.16
Degree of influence that a manager would have on revenues, cost, profit and investment is known as
controllability
influential power
responsibility
all of above
Q.17
Financial statements and budget plans of some companies are also called
cost statement
preformed statement
sales statement
market statement
Q.18
Quantitative expression, of action plan by management of firm for a specified period of time is classified as
complexity
process
budget
batching
Q.19
Budget plan in many companies is also referred as
profit plan
sales plan
cost plan
marketing plan
Q.20
Practice, which makes target more achievable by underestimating revenues or overestimating cost is called
cost slack
target slack
budgetary slack
revenue slack
Q.21
An act of making sure, that all employees must understand goals is classified as
coordination
communication
annual profit plan
budgeting
Q.22
In master budgeting, cost drivers for manufacturing overhead costs are
direct manufacturing labour-hours
setup labour-hours
budgeted labour-hours
both a and b
Q.23
Document, which contains information about used material sequence, detail and quantity of raw material is classified as
bill of materials
bill of sequence
bill of detail
bill of raw materials
Q.24
Use of variables to signal whether strategies are effective or ineffective is classified as
evaluating strategy
performing strategy
warned strategy
weighted strategy
Q.25
An arrangement of line of authority within company is classified as
company structure
organization structure
line of authority
line of responsibility
Q.26
Segment of subunit of company, whose manager is responsible for specific set of instructions and activities perform is classified as
subunit center
instruction center
responsibility center
activity segment
Q.27
Budgeted income statement and supporting budget schedules are categorized under
focused statement
slack statement
budgeted income statement
operating budget
Q.28
If budget sales units are 5000, ending inventory is 4000 units and beginning inventory is 1000, then budget production will be
4000 units
5000 units
8000 units
10000 units
Q.29
Compelling strategic plan, promoting coordination and providing framework of performance are
advantages of budget
disadvantages of budget
advantages of costing method
disadvantages of costing method
Q.30
Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as
focused accounting
responsibility accounting
information accounting
blame accounting
Q.31
In activity based costing method implementation, an output unit level costs are classified as
indirect costs
direct cost
labour cost
raw material cost
Q.32
Hierarchy which is based on different types of cost allocation and drivers, is to categorize cost pool activity is classified as
cost hierarchy
price hierarchy
activity hierarchy
purpose hierarchy
Q.33
A manager who is responsible for only cost of company belongs to
cost center
revenue center
profit center
investment center
Q.34
A manager, who is responsible for both cost and revenues belongs to department of
cost center
revenue center
profit center
investment center
Q.35
Type of plan of a company, which quantities expectations of cash flows, income and financial position is known as
budget
batching
complexity
process
Q.36
Better administration of budget in budgeting plans require
intelligent interpretations
participation
persuasion
all of above
Q.37
Non-financial and financial aspects of plan by company management, is classified as
complexity
process
budget
batching
Q.38
Planning of financial aid to coordinate; what is to be done for implementation of plan is classified as
budget
batching
complexity
process
Q.39
Type of budget, which is always available for specified period of future is called
period budget
batch budget
discontinued budget
continuous budget
Q.40
Plan of action; how an organization meets its opportunities and capabilities is classified as
action plan
strategy
step wise plan
complex plan
Q.41
Focus on budget cost of all activities necessary to sell and produce market offerings is known as
cost based budgeting
activity based budgeting
production based budgeting
raw material budgeting
Q.42
Which of following is an example of revenue center?
sales department
investing center
marketing department
segment department
Q.43
Variance, if used to alert managers before time of problem is called
varied warning
times warning
managers warning
early warning
Q.44
Budget sales, plus target ending finished goods inventory, minus beginning finished goods inventory is equal to
budget production
planned production
setup production
stand by production
Q.45
Budget, which predicts effect of given level of operations on a cash position is classified as
market budget
price schedule
planned schedule
cash budget
Q.46
Higher and accurate budgeted profit forecast of managers lead to
high incentive bonus
low incentive bonus
influence bonus
revenue bonus
Q.47
Product which requires large amount of resources, but incur low per unit cost is classified as
product under costing
product over costing
expected under cost
expected over cost
Q.48
Costs of undertaken activities is to support individual products are known as
expected sustaining
input sustaining
output sustaining
product sustaining costs
Q.49
Difference between budgeted amounts and actual results is classified as
standard deviation
variances
mean average
weighted average
Q.50
Larger number of manager subordinates and higher level manager are termed as
activity subordinates
broader responsibility center
broader subordinates
activity ordinates
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