Chapter 22 Practice Materials.docx
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Chapter 22 Practice Materials.docx
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Chapter22PracticeMaterials
Chapter22
Budgeting
MULTIPLECHOICE
1.Aformalwrittenstatementofmanagement'splansforthefuture,expressedinfinancialterms,isa:
a.grossprofitreport
b.responsibilityreport
c.budget
d.performancereport
ANS:
CDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
2.Thebudgetprocessinvolvesdoingallthefollowingexcept:
a.establishingspecificgoals
b.executingplanstoachievethegoals
c.periodicallycomparingactualresultswiththegoals
d.dismissingallmanagerswhofailtoachieveoperationalgoalsspecifiedinthebudget
ANS:
DDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
3.Thebudgetaryunitofanorganizationwhichisledbyamanagerwhohasboththeauthorityoverandresponsibilityfortheunit'sperformanceisknownasa:
a.controlcenter
b.budgetaryarea
c.responsibilitycenter
d.managerialdepartment
ANS:
CDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
4.Thebenefitsofcomparingactualperformanceoftheoperationsagainstplannedgoalsincludeallofthefollowingexcept:
a.providingpromptfeedbacktoemployeesabouttheirperformancerelativetothegoal
b.preventingunplannedexpenditures
c.helpingtoestablishspendingpriorities
d.determininghowmanagersareperformingagainstprioryears'actualoperatingresults
ANS:
DDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
5.Budgetingsupportstheplanningprocessbyencouragingallofthefollowingactivitiesexcept:
a.requiringallorganizationalunitstoestablishtheirgoalsfortheupcomingperiod
b.increasingthemotivationofmanagersandemployeesbyprovidingagreed-uponexpectations
c.directingandcoordinatingoperationsduringtheperiod
d.improvingoveralldecisionmakingbyconsideringallviewpoints,options,andcostreductionpossibilities
ANS:
CDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
6.Whenmanagementseekstoachievepersonaldepartmentalobjectivesthatmayworktothedetrimentoftheentirecompany,themanagerisexperiencing:
a.budgetaryslack
b.padding
c.goalconflict
d.cushions
ANS:
CDIF:
ModerateOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
7.Thebudgetingprocessdoesnotinvolvewhichofthefollowingactivities:
a.specificgoalsareestablished
b.Periodiccomparisonofactualresultstogoals
c.Executionofplanstoachievegoals
d.Increaseofsalesbyincreasingmarketingefforts.
ANS:
DDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
8.Budgetsneedtobefairandattainableforemployeestoconsiderthebudgetimportantintheirnormaldailyactivities.Whichofthefollowingisnotconsideredahumanbehaviorproblem?
a.Settinggoalsamongmanagersthatconflictwithoneanother.
b.Settinggoalstootightlymakingitdifficulttomeetperformanceexpectation.
c.Allowingemployeestheopportunitytobeapartofthebudgetprocess.
d.Allowinggoalstobesolowthatemployeesdevelopa“spenditorloseit”attitude.
ANS:
CDIF:
EasyOBJ:
22-01
NAT:
AACSBAnalytic|IMA-BudgetPreparation
9.Whichofthefollowingbudgetsallowforadjustmentsinactivitylevels?
a.StaticBudget
b.ContinuousBudget
c.Zero-BasedBudget
d.FlexibleBudget
ANS:
DDIF:
EasyOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
10.Theprocessofdevelopingbudgetestimatesbyrequiringalllevelsofmanagementtoestimatesales,production,andotheroperatingdataasthoughoperationswerebeinginitiatedforthefirsttimeisreferredtoas:
a.flexiblebudgeting
b.continuousbudgeting
c.zero-basedbudgeting
d.masterbudgeting
ANS:
CDIF:
EasyOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
11.Avariantoffiscal-yearbudgetingwherebyatwelve-monthprojectionintothefutureismaintainedatalltimesistermed:
a.flexiblebudgeting
b.continuousbudgeting
c.zero-basedbudgeting
d.masterbudgeting
ANS:
BDIF:
EasyOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
12.McCabeManufacturingCo.'sstaticbudgetat8,000unitsofproductionincludes$40,000fordirectlaborand$4,000forelectricpower.Totalfixedcostsare$23,000.At9,000unitsofproduction,aflexiblebudgetwouldshow:
a.variablecostsof$49,500and$25,875offixedcosts
b.variablecostsof$44,000and$23,000offixedcosts
c.variablecostsof$49,500and$23,000offixedcosts
d.variableandfixedcoststotaling$75,375
ANS:
CDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
13.ChristiansenandSons'staticbudgetfor10,000unitsofproductionincludes$50,000fordirectmaterials,$44,000fordirectlabor,utilitiesof$5,000,andsupervisorsalariesof$15,000.Aflexiblebudgetfor12,000unitsofproductionwouldshow:
a.thesamecoststructureintotal
b.directmaterialsof$60,000,directlaborof$52,800,utilitiesof$6,000,andsupervisorsalariesof$18,000
c.totalvariablecostsof$136,800
d.directmaterialsof$60,000,directlaborof$52,800,utilitiesof$6,000,andsupervisorsalariesof$15,000
ANS:
DDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
14.Adisadvantageofstaticbudgetsisthatthey:
a.startwithacleanslate
b.cannotbeusedbyservicecompanies
c.donotshowpossiblechangesinunderlyingactivitylevels
d.showtheexpectedresultsofaresponsibilitycenterforseverallevelsofactivity
ANS:
CDIF:
EasyOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
15.Aseriesofbudgetsforvaryingratesofactivityistermeda(n):
a.flexiblebudget
b.variablebudget
c.masterbudget
d.activitybudget
ANS:
ADIF:
EasyOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
16.ForJanuary,salesrevenueis$700,000;salescommissionsare5%ofsales;thesalesmanager'ssalaryis$96,000;advertisingexpensesare$90,000;shippingexpensestotal2%ofsales;andmiscellaneoussellingexpensesare$2,100plus1/2of1%ofsales.TotalsellingexpensesforthemonthofJanuaryare:
a.$157,100
b.$240,000
c.$183,750
d.$182,100
ANS:
BDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
17.ForFebruary,salesrevenueis$700,000;salescommissionsare5%ofsales;thesalesmanager'ssalaryis$96,000;advertisingexpensesare$80,000;shippingexpensestotal2%ofsales;andmiscellaneoussellingexpensesare$2,100plus1/2of1%ofsales.TotalsellingexpensesforthemonthofFebruaryare:
a.$185,650
b.$189,500
c.$196,100
d.$230,600
ANS:
DDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
18.ForMarch,salesrevenueis$800,000;salescommissionsare4%ofsales;thesalesmanager'ssalaryis$80,000;advertisingexpensesare$75,000;shippingexpensestotal1%ofsales;andmiscellaneoussellingexpensesare$2,100plus3/4of1%ofsales.TotalsellingexpensesforthemonthofMarchare:
a.$203,100
b.$187,550
c.$194,100
d.$192,100
ANS:
ADIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
19.McCabeManufacturingCo.'sstaticbudgetat5,000unitsofproductionincludes$40,000fordirectlaborand$5,000forvariableelectricpower.Totalfixedcostsare$25,000.At8,000unitsofproduction,aflexiblebudgetwouldshow:
a.variablecostsof$64,000and$25,875offixedcosts
b.variablecostsof$64,000and$25,000offixedcosts
c.variablecostsof$72,000and$25,000offixedcosts
d.variableandfixedcoststotaling$112,000
ANS:
CDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
20.SamsonandSons'staticbudgetfor10,000unitsofproductionincludes$60,000fordirectmaterials,$44,000fordirectlabor,fixedutilitiescostsof$5,000,andsupervisorsalariesof$15,000.Aflexiblebudgetfor12,000unitsofproductionwouldshow:
a.thesamecoststructureintotal
b.directmaterialsof$72,000,directlaborof$52,800,utilitiesof$5,000,andsupervisorsalariesof$15,000
c.totalvariablecostsof$148,800
d.directmaterialsof$60,000,directlaborof$52,800,utilitiesof$6,000,andsupervisorsalariesof$15,000
ANS:
BDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
21.Theprimarydifferencebetweenafixedbudgetandaflexiblebudgetisthatafixedbudget
a.cannotbechangedaftertheperiodbegins,whereasflexiblebudgetcanbechangedaftertheperiodbegins.
b.isconcernedonlywithfutureacquisitionsoffixedassets,whereasaflexiblebudgetisconcernedwithexpensesthatvarywithsales.
c.includesonlyfixedcosts,whereasaflexiblebudgetincludesonlyvariablecosts.
d.isaplanforasinglelevelofproduction,whereasaflexiblebudgetcanbeconvertedtoanylevelofproduction.
ANS:
DDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
22.Atthebeginningoftheperiod,theCuttingDepartmentbudgeteddirectlaborof$135,000,directmaterialof$165,000andfixedfactoryoverheadof$12,000for7,500hoursofproduction.Thedepartmentactuallycompleted10,000hoursofproduction.Whatistheappropriatetotalbudgetforthedepartment,assumingitusesflexiblebudgeting.
a.$416,000
b.$412,000
c.$367,000
d.$357,000
ANS:
BDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
23.Atthebeginningoftheperiod,theAssemblyDepartmentbudgeteddirectlaborof$105,000,directmaterialof$112,000andfixedfactoryoverheadof$28,000for7,000hoursofproduction.Thedepartmentactuallycompleted10,000hoursofproduction.Whatistheappropriatetotalbudgetforthedepartment,assumingitusesflexiblebudgeting.
a.$302,000
b.$305,000
c.$350,000
d.$338,000
ANS:
DDIF:
ModerateOBJ:
22-02
NAT:
AACSBAnalytic|IMA-BudgetPreparation
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