managerial acct test 3

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excemption

Management by ______ is the practice of concentrating on areas not operating as expected.

understand, learn, improve

The focus of variance analysis is to ______ why variances arise and how to use that information to ______ and ______ performance.

static; flexible

A ______ budget is based on the level of output planned at the beginning of the period, while a ______ budget focuses on the actual output for the period.

budgeted,budgeted,actual

A flexible budget calculates ______ revenues and ______ costs based on the ______ output.

unfavorable,favorable

When the actual cost is more than the budgeted cost a(n) ______ variance will result, while a(n) ______ variance results when the actual revenue is more than the budgeted revenue.

credit, debit

When a journal entry is made under standard costing, a favorable variance always has a ______ entry, and an unfavorable variance is always recorded with a ______ entry

Record a purchase of materials with a debit at the actual amount purchased, multiplied by the standard price; 11,600 x $3 = $34,800.

JSH Inc. makes a unit called CC. CC has a standard of 2 yards of fabric for each CC. There is no beginning inventory of fabric. The standard price per yard of fabric is $3. During the period, JSH made 6,000 CCs. JSH purchased and used 11,600 yards of fabric and incurred an actual cost of $34,500 for the fabric. If JSH uses a standard cost system the journal entry to record the materials purchase should include a ______ to Materials Control in the amount of ______.

reduced

Under a budget based on a continuous improvement budgeted cost measure, the cost is progressively ______ over succeeding periods.

benchmarking;best

______ is the continuous process of comparing the levels of performance in producing products and services and doing activities, against the ______ levels of performance.

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