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