journal article Show Management International Vol. 1, No. 1 (Jan. - Feb., 1961) , pp. 84-93 (10 pages) Published By: Springer https://www.jstor.org/stable/40239985 Read and download Log in through your school or library Publisher Information Springer is one of the leading international scientific publishing companies, publishing over 1,200 journals and more than 3,000 new books annually, covering a wide range of subjects including biomedicine and the life sciences, clinical medicine, physics, engineering, mathematics, computer sciences, and economics. Rights & Usage This item is part of a JSTOR Collection. 16.Another name for a static budget is a variable budget.True False 17.Fixed budgets are also known as flexible budgets. Get answer to your question and much more 18.The amounts in a flexible budget are based on one expected level of sales or production. Get answer to your question and much more 19.A variable or flexible budget is so named because it only focuses on variable costs. Get answer to your question and much more 20.A fixed budget performance report never provides useful information for evaluating variances.True False 21.Sales variances allow managers to focus on sales mix as well as sales quantities. Get answer to your question and much more 22.Sales variances may be computed in a manner similar to cost variances-that is, computing both price andvolume variances. Get answer to your question and much more 23.A flexible budget expresses all costs on a per unit basis. Get answer to your question and much more 24.Although a fixed budget is only useful over the relevant range of operations, a flexible budget is usefulover all possible production levels.True False CHAPTER 21FLEXIBLE BUDGETS AND STANDARD COSTSTrue / False QuestionsTF1. Standard costs can serve as a basis for evaluating actual performance. Get answer to your question and much more TF2. Standard material, labor, and overhead costs can be obtained from standard cost tables published bythe Institute of Management Accountants. Get answer to your question and much more TF3. Standard costs provide a basis for assessing the reasonableness of actual costs incurred for producing aproduct or service. Get answer to your question and much more TF4. When standard costs are used, factory overhead is assigned to products with a predetermined standardoverhead rate. Get answer to your question and much more TF5. Companies promoting continuous improvement strive to achieve practical standards rather than idealstandards.Answer: FalseTF6. A cost variance is the difference between actual cost and standard cost. Get answer to your question and much more TF7. Within the same budget performance report, it is impossible to have both favorable and unfavorablevariances. Get answer to your question and much more TF8. A budget performance report that includes variances can have variances caused by both pricedifferences and quantity differences.9. A cost variance equals the sum of the quantity variance and the price variance. Get answer to your question and much more Get answer to your question and much more TF10. Cost variances are ignored under management by exception. Get answer to your question and much more TF11. Management by exception allows managers to focus on the most significant variances in performance. Get answer to your question and much more TF12. An overhead cost variance is the difference between the actual overhead incurred for the period andthe standard overhead applied.13. Variable budget is another name for a flexible budget. Get answer to your question and much more Get answer to your question and much more TF14. Fixed budget performance reports compare actual results with the expected amounts in the fixedbudget.15. Another name for a static budget is a variable budget. Get answer to your question and much more Get answer to your question and much more What is a variable budget?variable budget. noun [ C ] ACCOUNTING, FINANCE. a budget that can be made larger or smaller.
What is another name for a variable budget?Definition: A flexible budget, also called a variable budget, is financial plan of estimated revenues and expenses based on the current actual amount of output.
What is flexible budget in management accounting?A flexible budget is a budget that adjusts to the activity or volume levels of a company. Unlike a static budget, which does not change from the amounts established when the budget was created, a flexible budget continuously "flexes" with a business's variations in costs.
What is another name for static budget?Static Budget - the budget is prepared for only one level of production volume. Also called a Master budget.
|
A variable or flexible budget is so named because it only focuses on variable costs.
zusammenhängende Posts
Urheberrechte © © 2024 WIKIFI Inc.
