Test 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A proposed quantitative plan of action by management for a specified period | show 🗑
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| show | Budget
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| show | Budget
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| show | Responsibility Center
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| show | Responsibility accounting
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| show | Cost
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| RESPONSIBILITY CENTRES - accountable for revenues only | show 🗑
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| RESPONSIBILITY CENTRES - accountable for revenues and costs | show 🗑
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| RESPONSIBILITY CENTRES - accountable for investments, revenues, and costs | show 🗑
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| show | Sensitivity analysis
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| a “what if” technique that illustrates the impact of changes from the predicted data. | show 🗑
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| show | Controllability
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| show | Responsibility accounting
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| show | variances
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| show | variances
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| provide managers with A basis for performance evaluation | show 🗑
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| show | variances
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| The budgeting process may be abused both by superiors and subordinates, leading to ______ outcomes | show 🗑
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| Superiors may dominate the budget process or hold subordinates accountable for events they have no ______ over. | show 🗑
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| The practice of underestimating budgeted revenues, or overestimating budgeted expenses, in an effort to make the resulting budgeted goals (profits) more easily attainable. | show 🗑
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| show | True
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| T of F? Budgeting includes only the financial aspects of the plan and NOT any nonfinancial aspects such as the number of physical units manufactured. | show 🗑
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| T of F? Budgets can play both planning and control roles for management. | show 🗑
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| show | False
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| T of F? Research shows that challenging budgets improve employee performance because employees view falling short of budgeted numbers as a failure. | show 🗑
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| show | False
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| the difference between the actual result and the corresponding static budget amount | show 🗑
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| show | Favorable variance (F)
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| show | Unfavorable variance (U)
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| show | Standard Costing
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| show | Standard Costing
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| show | credits
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| show | debits
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| the continuous process of comparing the levels of performance in producing products and services against the best levels of performance in competing companies. | show 🗑
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| show | FALSE
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| show | FALSE
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| show | FALSE
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| T of F? An unfavorable variance is conclusive evidence of poor performance. | show 🗑
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| T of F? The direct manufacturing labor price variance is likely to be unfavorable if lower-skilled workers are put on a job. | show 🗑
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| T of F? A favorable variance can be automatically interpreted as "good news." | show 🗑
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| show | FALSE
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| show | Overhead
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| _______ variances involve taking differences between equations as the analysis moves back and forth between actual results and budgeted amounts | show 🗑
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| T of F? The variable overhead flexible-budget variance measures the difference between the actual variable overhead costs and the flexible-budget variable-overhead costs. | show 🗑
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| T of F? The variable overhead efficiency variance measures the efficiency with which the cost-allocation base is used. | show 🗑
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| T of F? An unfavorable variable overhead efficiency variance indicates that the company used more than planned of the cost-allocation base. | show 🗑
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| T or F? For fixed overhead costs, the flexible-budget amount is always the same as the static-budget amount. | show 🗑
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| show | TRUE
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| show | FALSE
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| show | FALSE
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| T of F? Causes of a favorable variable overhead efficiency variance might include using lower-skilled workers than expected. | show 🗑
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| T of F? If the production planners set the budgeted machine hours standards too tight, one could anticipate there would be a favorable variable overhead efficiency variance. | show 🗑
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| T or F? Fixed costs may have a spending variance and/or an efficiency variance. | show 🗑
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| T of F? Fixed costs for the period are by definition a lump sum of costs that remain unchanged and therefore the fixed overhead spending variance is always zero. | show 🗑
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| T of F? The fixed overhead efficiency variance is the difference between actual fixed overhead costs and fixed overhead costs in the flexible budget. | show 🗑
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| T of F? Managers should use unitized fixed manufacturing overhead costs for planning and control. | show 🗑
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| T of F? At the end of the fiscal year, the fixed overhead spending variance is always prorated among work-in-process control, finished goods control, and cost of goods sold on the basis of the fixed overhead allocated to these accounts. | show 🗑
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