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Quiz 7
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Q.1
Budget, which highlights difference between actual quantity and budgeted quantity is termed as
actual cost budget
flexible budget variance
inflexible budget
hourly budget
Q.2
A company must eliminate all those activities that do not add value to all products or services in planning of
variable overhead cost
fixed overhead cost
fixed batch cost
variable batch cost
Q.3
Difference between actual variable overhead cost and flexible budget variable overhead amount is termed as
overhead flexible budget variance
overhead fixed budget variance
overhead flexible cost variance
overhead flexible price variance
Q.4
Costing technique, which traces direct costs by multiplying price rate for producing actual outputs is known as
constant costing
standard costing
unit costing
batch costing
Q.5
If current assets are $250000 and current liabilities are $135500, then working capital would be
$3,855,500
$314,500
$214,500
$114,500
Q.6
Determined price at which company expects to pay for every single unit is called
standard price
input price
actual input
output price
Q.7
If actual result is $65000 and static budget variance is $35000, then static budget amount will be
$30,000
$100,000
$200,000
$30,000
Q.8
If flexible budget amount is $40000 and variable overhead flexible budget variance is $25000, then actual costs incur will be
$15,000
$35,000
$65,000
$75,000
Q.9
Flexible budget amount is added in to variable overhead flexible budget variance to calculate
manufacturing costs incurred
variable costs incurred
fixed costs incurred
actual costs incurred
Q.10
In standard costing, standard quantity allocation is multiplied to standard overhead rates for allocating
flexible costs
variable costs
overhead costs
fixed costs
Q.11
Static budget variance for operating income is added in to static budget amount to calculate
actual result
expected results
expected cost
expected revenue
Q.12
In management control, point of reference for making comparisons of performance is
focused performance
merchandise performance
distribution performance
expected performance
Q.13
If budgeted input quantity is 350 units and efficiency variance is 100, then an actual input quantity will be
250 units
450 units
550 units
650 units
Q.14
If budgeted input price is $80 and price variance is $40, then an actual price will be
$20
$120
$40
$60
Q.15
An energy, machine maintenance, indirect materials and engineering support are considered as
variable overhead cost
fixed overhead cost
fixed batch cost
variable batch cost
Q.16
If an actual result is $250000 and static budget amount is $150000, then static budget variance for operating income will be
$400,000
$500,000
$100,000
$600,000
Q.17
Master budget, which is based on planned output level at start of budget period is considered as
static budget
varied budget
marketing budget
methodological budget
Q.18
An actual cost is subtracted from flexible budget cost to calculate
positive cost variance
negative cost variance
flexible budget variance
flexible cost variance
Q.19
Difference between an actual budget and corresponding amount in static budget is classified as
correspondent budget
full budget variance
methodology variance
static budget variance
Q.20
Consideration of increased operating income relative to budgeted amount is classified as
favourable variance
unfavourable variance
revenue variance
cost variance
Q.21
If an actual price of material is $700 and budgeted price is $900, then the
cost variance is favourable
cost variance is unfavourable
price variance is favourable
price variance is unfavourable
Q.22
In budget hierarchy, material handling cost is
fixed manufacturing cost
batch level cost
per unit cost
factory overall cost
Q.23
If actual payment to labour is $1200 and budgeted rate is $1000, then labour price variance would be
less than zero
equal to zero
favourable
unfavourable
Q.24
If price variance is $20 and budgeted input price is $70, then an actual price will be
$90
$50
-$50
$100
Q.25
An unfavourable variance in static budget is also known as
favourable variance
adverse variance
adverse standard deviation
unfavourable variance
Q.26
Price variance for direct manufacturing labour is referred as
direct variance
rate variance
labour variance
manufacturing variance
Q.27
If input used in manufacturing is smaller in quantity and output produced is greater in quantity, this will be categorized under
lesser effective
greater efficiency
smaller efficiency
greater effective
Q.28
If an actual input price is $70 and budgeted input price is $40, then price variance will be
$120
$50
$110
$30
Q.29
If an actual result is $50000 and static budget variance is $25000, then static budget amount will be
$75,000
$25,000
$35,000
$45,000
Q.30
In costing and budgeting hierarchy, an example of product sustaining cost is
initial offering cost
batch marketing cost
product marketing cost
product design cost
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