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5 Written questions

5 Matching questions

  1. The key difference between operation costing and the two methods
  2. unfavorable variance
  3. Normal cost
  4. Marketing and Administrative costs are treated like
  5. Outlay costs
  1. a production costs. Variable costs are expected to change as activity changes.
  2. b variance that, taken alone, reduces the operating profit.
  3. c is that for each work order or batch passing through a particular operation, direct materials are different but conversion costs (direct labor and manufacturing overhead) are the same.
  4. d a past, present, or future cash flow.
  5. e cost of job determined by actual direct material and labor cost plus overhead applied using a predetermined rate and an actual allocation base

5 Multiple choice questions

  1. outlay costs and opportunity costs
  2. variance that, taken alone, results in an addition to operating profit
  3. cost that increases with volume in steps; also called semi fixed costs
  4. costs that are unchanged as volume changes within the relevant range of activity
  5. direct manufacturing costs and indirect manufacturing costs

5 True/False questions

  1. Break-even pointpractice of setting prices highest when the quantity demanded for the product approaches capacity

          

  2. Theory of constraints (TOC)activity, resource, or policy that limits or bounds the attainment of an objective

          

  3. plantwide allocation methodallocation 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

          

  4. sales activity variancedifference between operating profit in the master budget and operating profit in the flexible budget that arises because the actual number of units sold is different from the budgeted number; also known as sales volume variance

          

  5. flexible budgetbudget that indicates revenues, costs, and profits for different levels of activity, including the ex post actual activity level