Costing – Set 5 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 5 Dear ! This is Costing – Set 5 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) Number of units are multiplied to per unit price, to calculate constant budget multiple budget variable flexible budget variable fixed budget variable 2 / 50 2) Product which requires low amount of resources, but incur high per unit cost is classified as product under costing expected over cost expected under cost product over costing 3 / 50 3) Subtracted flexible budget amount can form an actual result to calculate unstated budget variance static budget variance flexible budget variance constant budget variance 4 / 50 4) If static budget is $208000 and flexible budget amount is $305000, then sales budget variance will be $57,000 $97,000 $67,000 $47,000 5 / 50 5) If flexible budget amount is $82000 and actual result is $45000 then flexible budget amount will be $97,000 $37,000 $87,000 $27,000 6 / 50 6) Type of costs that cannot be traced for individual products but help in supporting an organization are classified as sustained tracing individual sustaining costs facility sustaining costs support tracing 7 / 50 7) Budgeted total cost in indirect cost pool is divided by budgeted total quantity of cost allocation base is to calculate by direct budget percentage budgeted direct cost rate expected indirect cost rate budgeted indirect cost rate 8 / 50 8) If flexible budget amount is $27000 and flexible budget variance is $12000, then actual result amount would be $15,000 $49,000 $27,000 $39,000 9 / 50 9) Hierarchy which is based on different types of cost allocation and drivers, is to categorize cost pool activity is classified as activity hierarchy cost hierarchy purpose hierarchy price hierarchy 10 / 50 10) If an actual selling price is $400, an actual result is $250 and an actual units sold are 500, then selling price variance will be $65,000 $75,000 $45,000 $55,000 11 / 50 11) Sales budget variance is subtracted from flexible budget amount to calculate unstated amount variable amount static budget amount constant amount 12 / 50 12) Factors that accelerate process of refining a costing system include all of these product market competitions increase in indirect costs increase in product diversity 13 / 50 13) Costing system, in which individual activities are identified as cost object is considered as activity based costing manufactured costing allocation costing base costing 14 / 50 14) Segment of subunit of company, whose manager is responsible for specific set of instructions and activities perform is classified as instruction center activity segment responsibility center subunit center 15 / 50 15) Budget which calculates expected revenues and expected costs, based on actual output quantity is named as multiplied budget fixed budget flexible budget variable budget 16 / 50 16) If number of units are 3000 and per unit price is $500, then flexible budget variable will be $4,500,000 $1,500,000 $2,500,000 $3,500,000 17 / 50 17) Product which requires large amount of resources, but incur low per unit cost is classified as product under costing expected over cost product over costing expected under cost 18 / 50 18) Broad’s average use to assign cost of revenue to cost objects will be classified as refined costing system undefined costing refined selling system defined selling system 19 / 50 19) Difference between flexible budget amount and corresponding static budget amount is classified as cost profit variance sales revenue variance profit volume variance sales volume variance 20 / 50 20) Costs of all activities for a group of products, rather than individual product can be classified as input level costs activity level costs output level costs batch level costs 21 / 50 21) In activity based costing method implementation, an output unit level costs are classified as indirect costs labour cost raw material cost direct cost 22 / 50 22) Difference between flexible budget amount and corresponding actual result is called corresponding variance static budget variance resultant variance flexible budget variance 23 / 50 23) Costs of undertaken activities is to support individual products are known as expected sustaining output sustaining input sustaining product sustaining costs 24 / 50 24) Cost pool category, which have similar cause and effect relationship, with each cost driver uses as an allocation base is classified as heterogeneous price pool homogenous cost pool heterogeneous cost pool homogenous price pool 25 / 50 25) If sales budget variance is $57000 and flexible budget amount is $97000, then static budget amount will be $164,000 $40,000 $154,000 $124,000 26 / 50 26) In an activity based cost system; an activity/unit of work or task with differentiated purposes will be classified as an allocation cost purpose cost different task an activity 27 / 50 27) An actual selling price is subtracted from budgeted selling price, and then multiplied to actual sold units to calculate profit variance investment variance selling price variance cost variance 28 / 50 28) If static budget amount is $9000, flexible budget amount is $20000, then sales volume variance will be $15,000 $10,000 $11,000 $29,000 29 / 50 29) Static budget amount is subtracted from flexible budget amount to calculate the sales budget variance resultant budget variance cost budget variance static budget variance 30 / 50 30) Larger number of manager subordinates and higher level manager are termed as broader responsibility center activity subordinates broader subordinates activity ordinates 31 / 50 31) If static budget amount is $6000 and flexible budget amount is $15000, then sales volume variance will be $9,000 $21,000 $12,000 $8,000 32 / 50 32) Flexible budget amount is added to flexible budget variance to calculate secondary result primary result static result actual result 33 / 50 33) Flexible budget amount is $57000 and flexible budget variance is $14000, then actual result amount will be $61,000 $24,000 $71,000 $43,000 34 / 50 34) Variance, if used to alert managers before time of problem is called managers warning varied warning times warning early warning 35 / 50 35) Flexible budget amount is $57000 and flexible budget variance is $14000, then actual result amount will be $24,000 $61,000 $43,000 $71,000 36 / 50 36) Difference between budgeted amounts and actual results is classified as mean average variances weighted average standard deviation 37 / 50 37) In activity based costing system, description of activity can be classified as active purpose both a and b activity dictionary activity list 38 / 50 38) If sales budget variance for operating income is $68000 and static budget amount is $19000, then flexible budget amount will be $97,000 $57,000 $47,000 $87,000 39 / 50 39) A manager, who is responsible for both cost and revenues belongs to department of revenue center cost center investment center profit center 40 / 50 40) In an activity based costing implementation, product’s diverse demand is based on batch size all of these process steps complexity 41 / 50 41) Costs of all activities for individual products or services can be called purpose level costs activity level costs output-unit level costs input-unit level costs 42 / 50 42) Number of units are 5000 and per unit price is $60, then flexible budget variable would be $2,000,000 $1,000,000 $3,000,000 $5,000,000 43 / 50 43) An approach in which company under-costs it’s one product and over-costs at least one product is classified as service-cost across subsidizing product-price cross subsidizing product cross subsidizing product-cost cross subsidizing 44 / 50 44) A manager who is responsible for only cost of company belongs to profit center investment center revenue center cost center 45 / 50 45) Which of following is an example of revenue center? investing center segment department sales department marketing department 46 / 50 46) In activity based costing method implementation, indirect costs are allocated by using the One or two cost pools sustained tracing no cost pool support tracing 47 / 50 47) Manager who is responsible for investments of company, its costs and revenues is known as investment center cost center profit center revenue center 48 / 50 48) Use of variables to signal whether strategies are effective or ineffective is classified as evaluating strategy performing strategy weighted strategy warned strategy 49 / 50 49) An assignment of task for managers, who are accountable for their actions in controlling and budgeting of resources is classified as coordinating company effort action plan project accountability action accountability 50 / 50 50) If flexible budget amount is $62000 and an actual result is $35000, then flexible budget amount would be $27,000 $37,000 $97,000 $87,000 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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