29 Jun uestion 1. By convention, short-term financial c
uestion
1. By convention, short-term financial control is accomplished by all the following except:
A. Comparing actual to budgeted financial results.
B. Calculating a series of cost and revenue variances at the end of the period.
C. The use of flexible budgets and standard costs.
D. Explaining the total operating-income variance for a given period.
E. The use of productivity analysis.
2. Operational control systems can be distinguished from financial control systems:
A. In the time horizon: financial-control systems have a long-term perspective.
B. Because they focus on the control of basic business processes.
C. Because such systems rely on the use of flexible, not static, budgets.
D. Because they focus on explaining the total operating income variance for a period.
E. They do not include nonfinancial performance indicators.
3. Traditional financial control systems have recently been criticized because:
A. They use flexible, not static, budgets.
B. They generally lead to goal-congruent behavior on the part of managers.
C. They focus more in improving basic business processes than short-term financial results.
D. They fail to incorporate nonfinancial performance indicators into the evaluation process.
E. They use static, not flexible, budgets.
4. One important short-term goal for a company is to earn the projected operating income for the period. Attainment of this goal is measured by comparing the actual operating income to the:
A. Flexible-budget operating income.
B. Prior period’s operating income.
C. The income reflected in the company’s balanced scorecard.
D. Master budget operating income.
E. Industry average operating income.
5. The total operating-income variance for a period reveals whether a company has achieved:
A. The sales level budgeted for the period.
B. An adequate return on investment (assets) during the period.
C. Control of basic business processes.
D. Control of total expenses for the period.
E. The master budgeted operating income for the period.
6. Another name for the total operating-income variance for a period is:
A. Flexible-budget variance.
B. Master (static) budget variance.
C. Sales-volume variance.
D. Production-volume variance.
E. Sales-mix variance.
7. Authoritative standards (within the context of a standard cost system) are determined primarily by:
A. Distributors.
B. Employees.
C. Customers.
D. Suppliers.
E. Managers.
8. The arrival of new manufacturing techniques such as automation, flexible manufacturing systems, and cluster or cell manufacturing has:
A. Emphasized the importance of direct labor variances.
B. Not had an effect on the importance of direct labor variances.
C. De-emphasized the importance of direct labor variances.
D. Made direct labor variances obsolete.
E. Eliminated the need to calculate and report direct materials variances.
9. An organization’s overall management accounting and control system:
A. Includes the planning function.
B. Is also referred as the organization’s core performance-measurement system.
C. Is separate from its operational control system.
D. Includes nonfinancial, but not financial, performance measures.
E. Focuses on strategic, not operational, control.
10. The “flexible budget” can best be described as a budget that adjusts:
A. Revenues for sales-dollar changes.
B. Revenues and expenses for changes in output.
C. Expenses for changes in budgeted output between two periods.
D. For efficiency, but not selling price and cost variances.
E. For selling price and cost variances, but not efficiency variances.
11. Which of the following is different in a flexible budget compared to the master budget for a period?
A. Selling price per unit.
B. Variable cost per unit.
C. Budgeted fixed cost.
D. Sales volume.
12. A flexible-budget variance measures the impact on short-term operating profit of:
A. Changes in sales volume.
B. Changes in output during the period.
C. Differences in sales mix—budgeted versus actual.
D. Selling price and cost differences—actual versus budgeted.
E. Selling price, but not cost differences—actual versus budgeted.
13. A “standard cost” is a predetermined amount (e.g., cost) that:
A. Should be incurred under relatively efficient operating conditions.
B. Will be incurred for an operation or a specific objective.
C. Must occur for an operation or a specific objective.
uestion
1. By convention, short-term financial control is accomplished by all the following except:
A. Comparing actual to budgeted financial results.
B. Calculating a series of cost and revenue variances at the end of the period.
C. The use of flexible budgets and standard costs.
D. Explaining the total operating-income variance for a given period.
E. The use of productivity analysis.
2. Operational control systems can be distinguished from financial control systems:
A. In the time horizon: financial-control systems have a long-term perspective.
B. Because they focus on the control of basic business processes.
C. Because such systems rely on the use of flexible, not static, budgets.
D. Because they focus on explaining the total operating income variance for a period.
E. They do not include nonfinancial performance indicators.
3. Traditional financial control systems have recently been criticized because:
A. They use flexible, not static, budgets.
B. They generally lead to goal-congruent behavior on the part of managers.
C. They focus more in improving basic business processes than short-term financial results.
D. They fail to incorporate nonfinancial performance indicators into the evaluation process.
E. They use static, not flexible, budgets.
4. One important short-term goal for a company is to earn the projected operating income for the period. Attainment of this goal is measured by comparing the actual operating income to the:
A. Flexible-budget operating income.
B. Prior period’s operating income.
C. The income reflected in the company’s balanced scorecard.
D. Master budget operating income.
E. Industry average operating income.
5. The total operating-income variance for a period reveals whether a company has achieved:
A. The sales level budgeted for the period.
B. An adequate return on investment (assets) during the period.
C. Control of basic business processes.
D. Control of total expenses for the period.
E. The master budgeted operating income for the period.
6. Another name for the total operating-income variance for a period is:
A. Flexible-budget variance.
B. Master (static) budget variance.
C. Sales-volume variance.
D. Production-volume variance.
E. Sales-mix variance.
7. Authoritative standards (within the context of a standard cost system) are determined primarily by:
A. Distributors.
B. Employees.
C. Customers.
D. Suppliers.
E. Managers.
8. The arrival of new manufacturing techniques such as automation, flexible manufacturing systems, and cluster or cell manufacturing has:
A. Emphasized the importance of direct labor variances.
B. Not had an effect on the importance of direct labor variances.
C. De-emphasized the importance of direct labor variances.
D. Made direct labor variances obsolete.
E. Eliminated the need to calculate and report direct materials variances.
9. An organization’s overall management accounting and control system:
A. Includes the planning function.
B. Is also referred as the organization’s core performance-measurement system.
C. Is separate from its operational control system.
D. Includes nonfinancial, but not financial, performance measures.
E. Focuses on strategic, not operational, control.
10. The “flexible budget” can best be described as a budget that adjusts:
A. Revenues for sales-dollar changes.
B. Revenues and expenses for changes in output.
C. Expenses for changes in budgeted output between two periods.
D. For efficiency, but not selling price and cost variances.
E. For selling price and cost variances, but not efficiency variances.
11. Which of the following is different in a flexible budget compared to the master budget for a period?
A. Selling price per unit.
B. Variable cost per unit.
C. Budgeted fixed cost.
D. Sales volume.
12. A flexible-budget variance measures the impact on short-term operating profit of:
A. Changes in sales volume.
B. Changes in output during the period.
C. Differences in sales mix—budgeted versus actual.
D. Selling price and cost differences—actual versus budgeted.
E. Selling price, but not cost differences—actual versus budgeted.
13. A “standard cost” is a predetermined amount (e.g., cost) that:
A. Should be incurred under relatively efficient operating conditions.
B. Will be incurred for an operation or a specific objective.
C. Must occur for an operation or a specific objective.
D. Cannot be changed once it is established by management.
E. Is useful for planning and control but not inventory valuation purposes.
14. Differences in expectation levels lead to two basic types of standards in a standard cost system:
A. Ideal and real.
B. Ideal and currently attainable.
C. Normal and conceptual.
D. Attainable and real.
E. Current and future.
D. Cannot be changed once it is established by management.
E. Is useful for planning and control but not inventory valuation purposes.
14. Differences in expectation levels lead to two basic types of standards in a standard cost system:
A. Ideal and real.
B. Ideal and currently attainable.
C. Normal and conceptual.
D. Attainable and real.
E. Current and future.
A. Comparing actual to budgeted financial results.
B. Calculating a series of cost and revenue variances at the end of the period.
C. The use of flexible budgets and standard costs.
D. Explaining the total operating-income variance for a given period.
E. The use of productivity analysis.
2. Operational control systems can be distinguished from financial control systems:
A. In the time horizon: financial-control systems have a long-term perspective.
B. Because they focus on the control of basic business processes.
C. Because such systems rely on the use of flexible, not static, budgets.
D. Because they focus on explaining the total operating income variance for a period.
E. They do not include nonfinancial performance indicators.
3. Traditional financial control systems have recently been criticized because:
A. They use flexible, not static, budgets.
B. They generally lead to goal-congruent behavior on the part of managers.
C. They focus more in improving basic business processes than short-term financial results.
D. They fail to incorporate nonfinancial performance indicators into the evaluation process.
E. They use static, not flexible, budgets.
4. One important short-term goal for a company is to earn the projected operating income for the period. Attainment of this goal is measured by comparing the actual operating income to the:
A. Flexible-budget operating income.
B. Prior period’s operating income.
C. The income reflected in the company’s balanced scorecard.
D. Master budget operating income.
E. Industry average operating income.
5. The total operating-income variance for a period reveals whether a company has achieved:
A. The sales level budgeted for the period.
B. An adequate return on investment (assets) during the period.
C. Control of basic business processes.
D. Control of total expenses for the period.
E. The master budgeted operating income for the period.
6. Another name for the total operating-income variance for a period is:
A. Flexible-budget variance.
B. Master (static) budget variance.
C. Sales-volume variance.
D. Production-volume variance.
E. Sales-mix variance.
7. Authoritative standards (within the context of a standard cost system) are determined primarily by:
A. Distributors.
B. Employees.
C. Customers.
D. Suppliers.
E. Managers.
8. The arrival of new manufacturing techniques such as automation, flexible manufacturing systems, and cluster or cell manufacturing has:
A. Emphasized the importance of direct labor variances.
B. Not had an effect on the importance of direct labor variances.
C. De-emphasized the importance of direct labor variances.
D. Made direct labor variances obsolete.
E. Eliminated the need to calculate and report direct materials variances.
9. An organization’s overall management accounting and control system:
A. Includes the planning function.
B. Is also referred as the organization’s core performance-measurement system.
C. Is separate from its operational control system.
D. Includes nonfinancial, but not financial, performance measures.
E. Focuses on strategic, not operational, control.
10. The “flexible budget” can best be described as a budget that adjusts:
A. Revenues for sales-dollar changes.
B. Revenues and expenses for changes in output.
C. Expenses for changes in budgeted output between two periods.
D. For efficiency, but not selling price and cost variances.
E. For selling price and cost variances, but not efficiency variances.
11. Which of the following is different in a flexible budget compared to the master budget for a period?
A. Selling price per unit.
B. Variable cost per unit.
C. Budgeted fixed cost.
D. Sales volume.
12. A flexible-budget variance measures the impact on short-term operating profit of:
A. Changes in sales volume.
B. Changes in output during the period.
C. Differences in sales mix—budgeted versus actual.
D. Selling price and cost differences—actual versus budgeted.
E. Selling price, but not cost differences—actual versus budgeted.
13. A “standard cost” is a predetermined amount (e.g., cost) that:
A. Should be incurred under relatively efficient operating conditions.
B. Will be incurred for an operation or a specific objective.
C. Must occur for an operation or a specific objective.
D. Cannot be changed once it is established by management.
E. Is useful for planning and control but not inventory valuation purposes.
14. Differences in expectation levels lead to two basic types of standards in a standard cost system:
A. Ideal and real.
B. Ideal and currently attainable.
C. Normal and conceptual.
D. Attainable and real.
E. Current and future.
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