ACC 350 Week 9 Quiz 6 – TestBank

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ACC 350 Week 9 Quiz 6 Chapter 7, Flexible Budgets, Direct-Cost Variances, and Management Control

Cost Accounting, 15e (Horngren/Datar/Rajan) – 200 Questions and Answers

  1. A master budget is ________.
  2. Management by exception is a practice whereby managers focus more closely on ________.
  3. A variance is ________.
  4. What is the static-budget variance of revenues?
  5. An unfavorable variance indicates that ________.
  6. A favorable variance indicates that ________.
  7. What is the static-budget variance of variable costs?
  8. What is the static-budget variance of operating income?
  9. Regier Company had planned for operating income of $10 million in the master budget but actually achieved operating income of only $7 million.
  10. A master budget is called a static budget because it is ……around a single planned output level.
  11. What is the static-budget variance of revenues?
  12. What is the static-budget variance of variable costs?
  13. When considered in isolation, a favorable variance decreases operating income relative to the budgeted amount.
  14. A variance is the difference between the actual cost for the current and …… performance.
  15. A favorable variance results when actual costs exceed budgeted costs.
  16. What is the static-budget variance of variable costs?
  17. What is the static-budget variance of operating income?
  18. Management by exception is the practice of concentrating on areas not operating as anticipated (such as a cost overrun) and placing less attention on areas operating as anticipated.
  19. A favorable variance indicates that budgeted costs are less than actual costs.
  20. What is the static-budget variance of operating income?
  21. What is the static-budget variance of revenues?
  22. A favorable variance should be ……by management.
  23. Variances are …..for evaluating performance and for motivating managers………………………………..Continued (59 Pages)