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5 Written questions

5 Matching questions

  1. Predetermined Overhead Rate
  2. Profit equation
  3. Operating profit
  4. Cost
  5. total cost variance
  1. a equals Estimated Overhead / Estimated Allocation Base
  2. b difference between budgeted and actual results (equal to the sum of the price and efficiency variances)
  3. c operating profit equals total revenue less total costs
  4. d excess of operating revenues over the operating costs necessary to generate those revenues.
  5. e a sacrifice of resources. The price of each item measures the sacrifice we must make to acquire it.

5 Multiple choice questions

  1. system to provide information about the costs of process, products, and services used and produced by an organization.
  2. y term, or the left handed side of a regression equation
  3. equals the target price minus the desired profit margin
  4. all fixed and variable costs are product costs, all others are period costs
  5. practice of setting prices highest when the quantity demanded for the product approaches capacity

5 True/False questions

  1. Profit Variance Analysis as a Key Tool Foranalysis of the causes of differences between budgeted profits and the actual profits earned.


  2. Predetermined Overhead Rateexcess of actual overhead costs incurred over applied overhead costs


  3. Five Steps to determining equivalent units1) measure the physical flow of resources, 2) compute the equivalent unit of production, 3) identify the product costs for which to account, 4) compute the costs per equivalent unit: weighted average, 5) assign product cost to batches of work (Weighted Average Process Costing


  4. Profit volume analysisanalysis of the causes of differences between budgeted profits and the actual profits earned.


  5. Manufacturing overheadexcess of applied overhead costs incurred over actual overhead during a period.


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