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ACCT 434 WEEK 2 QUIZ – DEVRY
1. (TCO 2) Operating budgets and financial budgets (Points : 5)
2. (TCO 2) A budget can help implement (Points : 5)
3. (TCO 2) Financial budgets include the (Points : 5)
4. (TCO 2) A feature of a standard-costing system is that the costs of every product or service planned to be worked on during the period can be computed at the start of that period. This feature of standard costing makes it possible to (Points : 5)
5. (TCO 2) An unfavorable variance indicates that (Points : 5)
6. (TCO 2) When standards are used to develop a budget, (Points : 5)
7. (TCO 2) Overhead costs have been increasing due to all of the following except (Points : 5)
8. (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000; Operating income $150,000. Katie is developing the 20X2 budget. In 20X2, the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted cost of goods sold for 20X2? (Points : 5)
9.(TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 20×2, through June 30, 20×3.
July 1, 20×2 June 30, 20×3
Raw material (note) 40,000 10,000
Work in process 8,000 8,000
Finished goods 30,000 5,000
(note) Three units of raw material are needed to produce each unit of finished product.
If Hester...