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