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ACC 561 Week 5 Quiz

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ACC 561 Week 5 Quiz -

37. Why are budgets useful in the planning process?

  • They enable the budget committee to earn their paycheck.
  • They provide management with information about the company's past performance.
  • They help communicate goals and provide a basis for evaluation.
  • They guarantee the company will be profitable if it meets its objectives.

44. A common starting point in the budgeting process is

  • a clean slate, with no expectations.
  • expected future net income.
  • past performance.
  • to motivate the sales force.

48. Which of the following statements about budget acceptance in an organization is true?

  • The most widely accepted budget by the organization is the one prepared by top management.
  • Budgets are hardly ever accepted by anyone except top management.
  • The most widely accepted budget by the organization is the one prepared by the department heads.
  • Budgets have a greater chance of acceptance if all levels of management have provided input into the budgeting process.

38. What is budgetary control?

  • The process of providing information on budget differences to lower level managers
  • Another name for a flexible budget
  • The degree to which the CFO controls the budget
  • The use of budgets in controlling operations

44. The comparison of differences between actual and planned results

  • is done by the external auditors.
  • appears on the company's external financial statements.
  • is usually done orally in departmental meetings.
  • appears on periodic budget reports.

45. A static budget

  • should not be prepared in a company.
  • is useful in evaluating a manager's performance by comparing actual variable costs and planned variable costs.
  • shows planned results at the original budgeted activity level.
  • is changed only if the actual level of activity is different than originally budgeted.

93. A responsibility report should

  • show only those costs that a manager can control.
  • only show variable costs.
  • only be prepared at the highest level of managerial responsibility.
  • be prepared in accordance with generally accepted accounting principles.

99. Which responsibility centers generate both revenues and costs?

  • Only profit centers
  • Profit and cost centers
  • Cost and investment centers
  • Investment and profit centers

100. The linens department of a large department store is

  • an investment center.
  • not a responsibility center.
  • a profit center.
  • a cost center.

39. What is a standard cost?

  • The total number of units times the budgeted amount expected
  • Any amount that appears on a budget
  • The amount management thinks should be incurred to produce a good or service
  • The total amount that appears on the budget for product costs

48. Using standard costs

  • increases clerical costs.
  • makes employees less "cost-conscious."
  • provides a basis for evaluating cost control.
  • makes management by exception more difficult.

80.Unfavorable materials price and quantity variances are generally the responsibility of the

            Price                                       Quantity

  • Production department             Purchasing department
  • Production department             Production department
  • Purchasing department            Purchasing department
  • Purchasing department            Production department