29 Jun Question 1.Volume variances are computed for wh
Question
1.Volume variances are computed for which of the following costs? (Points : 2)
Variable manufacturing costs only
Fixed manufacturing costs only
Variable selling and administrative costs only
Variable manufacturing and selling and administrative costs
2.Summer Company’s static budget is based on a planned activity level of 25,000 units. Later, the company’s management accountant prepared a budget based on 30,000 units. The company actually produced and sold 29,000 units. In evaluating its performance, management should compare the company’s actual revenues and costs to which of the following budgets? (Points : 2)
A budget based on 29,000 units.
A budget based on 30,000 units.
A budget based on 25,000 units.
Either A or C.
3.A budget prepared at a single volume of activity is referred to as a: (Points : 2)
strategic budget.
static budget.
standard budget.
flexible budget.
4.When would a variance be labeled as favorable? (Points : 2)
When standard costs are equal to actual costs
When standard costs are less than actual costs
When expected sales are greater than actual sales
When actual costs are less than standard costs
5.The research and development department of a large manufacturing company would likely be organized as a(n): (Points : 2)
cost center.
profit center.
revenue center.
investment center.
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