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5 Written Questions

5 Matching Questions

  1. Prior Department costs
  2. Coefficient of determination
  3. Two Major categories of costs
  4. Margin of safety
  5. Standard cost
  1. a square of the correlation coefficient, interpreted as the proportion of the variation in the dependent variable explained by the independent variables
  2. b outlay costs and opportunity costs
  3. c the excess of projected or actual sales over the break even volume
  4. d cost of job determined by standard (budgeted) direct material and labor cost plus overhead applied using a predetermined overhead rate and a standard (budgeted) allocation base.
  5. e manufacturing costs incurred in one department and transferred to a subsequent department in the manufacturing process

5 Multiple Choice Questions

  1. product in the production process but not yet complete
  2. unit of a product that is easily distinguishable from other units
  3. complex job that often takes months or years to complete and requires the work of many different departments, divisions or subcontractors
  4. allocation method that uses one cost pool for the entire plant by using one overhead allocation rate, or one set of rates, for all of a plant's departments
  5. process of assigning indirect costs to products, services, people, business units, etc

5 True/False Questions

  1. sales price variancedifference between the actual revenue and actual units sold multiplied by budgeted selling price.

          

  2. Profit volume analysiscomparison of actual input amounts and prices with standard input amounts and prices

          

  3. Operating leveragebudgeted income statement, production budget, budgeted cost of goods sold, and supporting budgets.

          

  4. Direct costs are classified further intodirect materials cost and direct labor costs:

          

  5. operating budgetshybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics

          

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