Costing – Set 4 January 30, 2025 by aasi 0% Report a question What’s wrong with this question? You cannot submit an empty report. Please add some details. 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950 Costing – Set 4 Dear ! This is Costing – Set 4 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) Budgeting method, which incorporates an improvement anticipated in budgeting period into budget numbers can be classified as number budgeting anticipated budgeting predict budgeting kaizen budgeting 2 / 50 2) An act of making sure, that all employees must understand goals is classified as communication budgeting coordination annual profit plan 3 / 50 3) What-if technique, which examines changes in results if original prediction would not be achieved is called predicted analysis original analysis sensitivity analysis change analysis 4 / 50 4) Master budget includes all projections of company’s budget and focuses on financial plan both B and C serial correlation marketing plan 5 / 50 5) If budget sales units are 2000, an ending inventory is 3000 units and beginning inventory is 1000, then budget production would be no units 4000 units 6000 units 8000 units 6 / 50 6) Budget plan in many companies is also referred as sales plan marketing plan profit plan cost plan 7 / 50 7) Direct labour and salary outlays direct material purchases, which are classified as price disbursements budget disbursements cash disbursements goods disbursements 8 / 50 8) Model which refers possibility for management to conduct sensitivity analysis can be categorized under investment planning models financial planning models cost planning models revenues forecast models 9 / 50 9) Budget, which predicts effect of given level of operations on a cash position is classified as planned schedule cash budget market budget price schedule 10 / 50 10) Variance used by managers to check whether company has performed well and properly implemented strategies is considered as well evaluated proper implementation strategic implementation performance evaluation 11 / 50 11) Third step in developing operating budget is analysis of products making predictions about future analysis of batches analysis of batches 12 / 50 12) Focus on budget cost of all activities necessary to sell and produce market offerings is known as cost based budgeting activity based budgeting production based budgeting raw material budgeting 13 / 50 13) Better administration of budget in budgeting plans require participation all of these intelligent interpretations persuasion 14 / 50 14) Part of master budget, which covers capital expenditures, budgeted statement of cash flows and balance sheet is classified as cash flows budget financial budget capital budget balanced budget 15 / 50 15) Balancing of all aspects of products or services and all departments in company are classified as complex plan coordination annual profit plan budgeting 16 / 50 16) Cash receipts is added in to beginning cash balance to calculate total goods sold total goods manufactured total revenue total cash available 17 / 50 17) Budgeted income statement and supporting budget schedules are categorized under operating budget focused statement budgeted income statement slack statement 18 / 50 18) Quantitative expression, of action plan by management of firm for a specified period of time is classified as process complexity budget batching 19 / 50 19) Last step in developing operating budget is implementing decision efficient implementation effective implementation implementing income 20 / 50 20) Type of budget, which is always available for specified period of future is called continuous budget batch budget period budget discontinued budget 21 / 50 21) Budget which specifies an operating and financial plan, usually for a fiscal year or any specific period of time is classified as specific budget master budget operating budget annual budget 22 / 50 22) System which measures budget, action and plan of each responsibility center is known as responsibility accounting planned accounting action accounting budgeted accounting 23 / 50 23) Second step in developing operating budget is to plan coordination plan accounts obtain information coverage information 24 / 50 24) In Kaizen budgeting, costs are based on all improvements which is to be implemented based on current practice based on sold quantity based on past prices 25 / 50 25) Significant feature of Kaizen Budgeting is customer suggestion employee suggestion cost suggestion price suggestion 26 / 50 26) Type of plan of a company, which quantities expectations of cash flows, income and financial position is known as batching budget complexity process 27 / 50 27) Degree of influence that a manager would have on revenues, cost, profit and investment is known as responsibility all of these controllability influential power 28 / 50 28) In master budgeting, cost drivers for manufacturing overhead costs are direct manufacturing labour-hours budgeted labour-hours setup labour-hours both a and b 29 / 50 29) Plan of action; how an organization meets its opportunities and capabilities is classified as strategy step wise plan complex plan action plan 30 / 50 30) Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as responsibility accounting information accounting blame accounting focused accounting 31 / 50 31) Budget sales, plus target ending finished goods inventory, minus beginning finished goods inventory is equal to setup production stand by production planned production budget production 32 / 50 32) First step in developing an operating budget is to identify percentiles identify problem identify quartiles identify product 33 / 50 33) Schedule of expected disbursements and cash receipts is considered as cash budget market budget price schedule planned schedule 34 / 50 34) Non-financial and financial aspects of plan by company management, is classified as process batching complexity budget 35 / 50 35) If budget sales units are 5000, ending inventory is 4000 units and beginning inventory is 1000, then budget production will be 10000 units 5000 units 4000 units 8000 units 36 / 50 36) Fourth step in development of operating budget is to evaluate alternatives choose alternatives predicted improvements efficiency improvements 37 / 50 37) Practice, which makes target more achievable by underestimating revenues or overestimating cost is called target slack budgetary slack revenue slack cost slack 38 / 50 38) If indirect manufacturing labour is $20000, power cost is $5000, maintenance and supplies are of $10000 then manufacturing budget will be $5,000 $35,000 $45,000 $15,000 39 / 50 39) An arrangement of line of authority within company is classified as organization structure line of authority company structure line of responsibility 40 / 50 40) Manager who is responsible only for revenues of company can be categorized under the investment center profit center cost center revenue center 41 / 50 41) Higher and accurate budgeted profit forecast of managers lead to high incentive bonus influence bonus revenue bonus low incentive bonus 42 / 50 42) Cost influences by responsibility center manager who is considered as influential cost manager cost center cost controllable cost 43 / 50 43) Factor which provides hedge to managers in adverse and unexpected circumstances is known as costly slack influential slack budgetary slack target slack 44 / 50 44) Compelling strategic plan, promoting coordination and providing framework of performance are advantages of budget disadvantages of costing method disadvantages of budget advantages of costing method 45 / 50 45) Mathematical relationships exist between operating and financing activities that affect master budget are called math plan model financial planning models master plan models operating plan models 46 / 50 46) starting point in operating budget is material list revenue budget cost budget list of investors 47 / 50 47) Continuous budget is also known as specific budget pin budget past budget rolling budget 48 / 50 48) Planning of financial aid to coordinate; what is to be done for implementation of plan is classified as budget batching process complexity 49 / 50 49) Financial statements and budget plans of some companies are also called market statement preformed statement sales statement cost statement 50 / 50 50) Document, which contains information about used material sequence, detail and quantity of raw material is classified as bill of detail bill of sequence bill of raw materials bill of materials Your score isThe average score is 0%🎉 Challenge alert! 💡 Share this quiz with your friends and see who scores the highest! 🏆🤩🔥 LinkedIn Facebook Follow Us @ 0% Restart quiz Exit We’d love to hear your thoughts! 📝 Share your valuable review with us. 🙌 🌟 Thank you for your support! 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