Managerial accounting
Accounting
Accounting
Set of flashcards Details
| Flashcards | 49 |
|---|---|
| Language | English |
| Category | Finance |
| Level | University |
| Created / Updated | 04.07.2016 / 05.07.2016 |
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fixed manufacturing costs will never be relevant in a make or buy decision
false
opportunity costs are costs that have already beed incurred and will not be avoided by any future decision
false
in deciding on the future status of an unprofitable segment, management should consider the effect of elimination on the remaining product lines
true
joint product costs are relevant for any sell-or-process further decision
false
any trade-in allowance or cash disposal value of the old asset is relevant in a retain or replace equipment decision
true
in a static budget the data may be modified or adjustet if the activity changes more than a specified amount during the year
false
flexible budgets can be prepared for each of the types of budgets included in the master budget
true
with a flexible budget, if production increases budget allowances for variable costs should increase both directly and proportionately
true
flexible budgets reports consist of two sections: production data and cost data
true
under responsibility accounting the evaluation of managers performance is based on the matters directly under that managers control
true
the terms controllable costs and noncontrollable costs are synonymous with varible costs and fixed costs
false
only controllable costs are included in a responsibility performance report and there is no distinction made between variable and fixed costs
true
a responsibility reporting system begins with the lowest level od responsibility in an organization and moves upward to each higher level
true
there are three types three types of responsibility centers: cost, segment and investment
false
the primary basis for evaluating the performance of a manager of an investment center is return on investment
true
Total materials variance
(actual quantity x actual price) - ( standard quantity x standard price)
Materials price variance
(actual quantity x actual price) - ( actual quantity x standard price)
Materials quantity variance
(actual quantity x standard price) - ( standard quantity x standard price)
Total Labor variance
(actual hours x actual rate) - ( standard hours x standard rate)
Labor price variance
(actual hours x actual rate) - ( actual hours x standard rate)
Labor quantity variance
(actual hours x standard rate) - ( standard hours x standard rate)
Total overhead variance
(actual overhead) - (overhead applied at standard hours allowed)
in a standard cost accounting system, a company purchased raw materials on account for 46,500 when the standard cost was 44,000. the journal entry would not include a...
credit to materials price variance for 2,500
the range over which a company is expected to operate is called the relevant range of the activity index?
true
a mixed cost contains both selling and administrative cost elements
false
variable costs are costs that remaine the same per unit at every level of activity
true
if a salesperson incurs 2,000 of expenses in servicing two customers and 4,000 expenses in servicing four customers, the fixed costs are 1,000
false
if revenue = 80.- and variable cost = 40% of revenue, then contribution margin = 48.-
true
contribution margin
sales - variable costs
contribution margin ratio
contribution margin / selling price
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