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