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5 Written questions

5 Matching questions

  1. plantwide allocation method
  2. financial budgets
  3. Job
  4. Outlay costs
  5. production cost report
  1. a unit of a product that is easily distinguishable from other units
  2. b a past, present, or future cash flow.
  3. c report that summarizes production and cost results for a period; generally used by managers to monitor production and cost flows.
  4. d budgets of financial resources, such as the cash budget and the budgeted balance sheet.
  5. e 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 Multiple choice questions

  1. difference between actual costs and budgeted costs arising from changes in the cost of inputs to a production process or other activity
  2. process of estimating revenues and costs of alternative actions available to decision makers and of comparing these estimates to the status quo
  3. sales price minus variable costs per unit
  4. operating and financial budgets
  5. with two or more alternatives, costs that differ among or between alternatives

5 True/False questions

  1. Overapplied overheadextent to which an organization's cost structure is made of fixed costs

          

  2. Indirect manufacturing costsall product costs except direct costs.

          

  3. Margin of safety percentagesystem that mass produces a single, homogeneous output in a continuing process

          

  4. Product costscosts assigned to the manufacture of products and recognized for financial reporting when sold.

          

  5. Master budget is typically set up beforereport that summarizes production and cost results for a period; generally used by managers to monitor production and cost flows.