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5 Written questions

5 Matching questions

  1. Total contribution margin
  2. sales activity variance
  3. Differential costs
  4. Two Major categories of costs
  5. profit variance analysis
  1. a analysis of the causes of differences between budgeted profits and the actual profits earned.
  2. b difference between revenues and total variable costs
  3. c outlay costs and opportunity costs
  4. d difference 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. e with two or more alternatives, costs that differ among or between alternatives

5 Multiple choice questions

  1. cost of job determined by actual direct material and labor cost plus overhead applied using an actual overhead rate and an actual allocation base
  2. direct materials cost and direct labor costs:
  3. standardized method of making a product that is repeatedly performed.
  4. sum of direct materials and direct labor
  5. production costs. Variable costs are expected to change as activity changes.

5 True/False questions

  1. Regressionstatistical procedure to determine the relation between variables


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


  3. Product life cycletime from initial research and development to the time that support to the customer ends


  4. Two elements of nonmanufacturing costsproduct costs that can be feasibly identified with units of production.


  5. Two-Stage Cost Allocationmethod to estimate costs based on two cost observations, usually at the highest and lowest activity levels