Accounting

1.  Which of the following statements regarding static budgets is TRUE?
A. They are designed to estimate revenues only.
B. Managers use them to help plan for uncertainties.
C. They are prepared for a range of activity levels.
D. They are prepared for one level of sales volume.

3.  A flexible budget variance is the difference between:
A. actual results & amounts in the static budget.
B. amounts in the flexible budget & the actual results.
C. amounts in the flexible budget & the static budget.
D. the budgeted amounts for each level of sales in the flexible budget.

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4.  Which term below is best paired with “a budget for a single unit”?
A.  Static budget   B.  Standard cost
C.  OH flexible budget variance     D.  Production volume variance

Use the following information for the next three questions.
Zany Brainy projected current year sales of 50,000 units at a unit sale price of $20.00. Actual current year sales were 55,000 units at $22.00 per unit. Actual variable costs, budgeted at $14.00 per unit, totaled $15.00 per unit. Budgeted fixed costs totaled $400,000, while actual fixed costs amounted to $420,000.

5.  What is the sales volume variance for total revenue?
A. $110,000 favorable  B. $100,000 unfavorable
C. $110,000 unfavorable D. $100,000 favorable

 

6.   What is the flexible budget variance for variable expenses?
. $55,000 favorable B. $50,000 favorable
C. $55,000 unfavorable D. $50,000 unfavorable

7.  What is the flexible budget variance for total expenses?
A. $55,000 unfavorable B. $75,000 unfavorable
C. $55,000 favorable D. $75,000 favorable

8.  If a worker drops the raw material during production & the raw material must be discarded, which variance is directly impacted?
A. Materials price variance B. Materials efficiency variance
C. Labor price variance D. Labor efficiency variance

9.  A company’s purchasing department negotiates all of the purchasing contracts for raw materials.  Which variance is most useful in assessing the performance of the purchasing department?
A. Materials price variance B. Materials efficiency variance
C. Labor price variance D. Labor efficiency variance

10.  An unfavorable direct labor price variance & a favorable direct labor efficiency variance might indicate which of the following?
A. Unskilled workers using more actual hours than standard, paid at a higher rate per hour than the standard rate.
B. Unskilled workers using less actual hours than standard, paid a lesser rate per hour than the standard rate.
C. Skilled workers using more actual hours than standard, paid at a higher rate per hour than the standard rate.
D. Skilled workers using less actual hours than standard, paid at a higher rate per hour than the standard rate.

Use the following information to answer the next four questions.
Dazzle Toy Company gathered the following actual results for the current month:
Actual amounts:
Units produced  4,000
Direct materials purchased & used (5,000 lbs.)  $22,500
Direct labor cost (4,500 hours)  $51,750
Manufacturing overhead costs incurred  $24,000
Budgeted production & standard costs were:
Budgeted production 3,500 units
Direct materials 2 lbs./unit at $4.25/lb.
Direct labor 1.5 hrs./unit at $12.00/hr.
Variable manufacturing overhead $5 per unit
Fixed manufacturing overhead $21,000
11.  What is the direct materials price variance?
A. $1,250 unfavorable B. $2,000 favorable
C. $1,250 favorable  D. $2,000 unfavorable

12.  What is the direct materials efficiency variance?
A. $12,750 unfavorable B. $13,500 unfavorable
C. $13,500 favorable  D. $12,750 favorable

13.  What is the direct labor price variance?
A. $3,000 unfavorable B. $3,000 favorable
C. $2,250 unfavorable  D. $2,250 favorable

14.  What is the direct labor efficiency variance?
A. $18,000 favorable B. $17,250 favorable
C. $18,000 unfavorable D. $17,250 unfavorable

3.  How does depreciation affect the calculation of a project’s accounting rate of return (ARR)?
A.  Depreciation is deducted from the annual cash inflows.
B.  Depreciation is added to the annual cash inflows.
C.  Depreciation does not affect ARR.
D.  Depreciation is only deducted if the ARR is less than the minimum required rate of return.

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