ACC 350 WK 8 QUIZ 6 CHAPTER 7 STRAYER

ACC 350 WK 8 QUIZ 6 CHAPTER 7 STRAYER
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ACC 350 WK 8 QUIZ 6 CHAPTER 7 STRAYER
ACC 350 WK 8 Quiz 6 Chapter 7 - Strayer
ACC 350 WK 8 Quiz 6 Chapter 7
 
1)
The master budget is one type of flexible budget.
Answer:
2)
A flexible budget is calculated at the start of the budget period.
Answer:
3)
Information regarding the causes of variances is provided when the master budget is compared with actual results.
Answer:
4)
A variance is the difference between the actual cost for the current and previous year.
Answer:
5)
A favorable variance results when budgeted revenues exceed actual revenues.
Answer:
6)
Management by exception is the practice of concentrating on areas not operating as anticipated (such as a cost overrun) and placing less attention on areas operating as anticipated.
Answer:
7)
The essence of variance analysis is to capture a departure from what was expected.
Answer:
8)
A favorable variance should be ignored by management.
Answer:
9)
An unfavorable variance may be due to poor planning rather than due to inefficiency.
Answer:
10)
The only difference between the static budget and flexible budget is that the static budget is prepared using planned output.
Answer:
11)
The static-budget variance can be subdivided into the flexible-budget variance and the sales-volume variance.
Answer:
12)
The flexible-budget variance may be the result of inaccurate forecasting of units sold.
Answer:
13)
Decreasing demand for a product may create a favorable sales-volume variance.
Answer:
14)
An unfavorable variance is conclusive evidence of poor performance.
Answer:
15)
A company would not need to use a flexible budget if it had perfect foresight about actual output units.
Answer:
16)
The flexible-budget variance pertaining to revenues is often called a selling-price variance....