ACC 556 Chapter 22 Quiz (STRAYER)
• Question 1
1 out of 1 points
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Budget reports comparing actual results with planned objectives should be prepared only once a year.
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• Question 2
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A static budget is changed only when actual activity is different from the level of activity expected.
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• Question 3
1 out of 1 points
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Management by exception means that management will investigate areas where actual results differ from planned results if the items are material and controllable.
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• Question 4
1 out of 1 points
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Budget reports provide the feedback needed by management to see whether actual operations are on course.
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• Question 5
1 out of 1 points
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The manager of an investment center can improve ROI by reducing average operating assets.
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• Question 6
1 out of 1 points
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What is budgetary control?
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• Question 7
1 out of 1 points
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A static budget is appropriate in evaluating a manager’s performance if
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• Question 8
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What is the primary difference between a static budget and a flexible budget?
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• Question 9
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If a company plans to sell 48,000 units of product but sells 60,000, the most appropriate comparison of the cost data associated with the sales will be by a budget based on
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• Question 10
1 out of 1 points
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Nikoto Steel Co. budgeted manufacturing costs for 50,000 tons of steel are:
Fixed manufacturing costs $50,000 per month
Variable manufacturing costs $12.00 per ton of steel
Nikoto produced 40,000 tons of steel during March. How much is the flexible budget for total manufacturing costs for March?
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• Question 11
1 out of 1 points
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At 18,000 direct labor hours, the flexible budget for indirect materials is $36,000. If $37,400 are incurred at 18,400 direct labor hours, the flexible budget report should show the following difference for indirect materials:
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• Question 12
1 out of 1 points
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Top management can control
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• Question 13
1 out of 1 points
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A manager of a cost center is evaluated mainly on
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• Question 14
0 out of 1 points
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Given below is an excerpt from a management performance report:
Budget Actual Difference
Contribution margin $600,000 $580,000 $20,000 U
Controllable fixed costs $200,000 $220,000 $20,000 U
The manager’s overall performance
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• Question 15
1 out of 1 points
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Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.
Sales $ 1,400,000
Controllable margin 160,000
Total average assets 4,000,000
Fixed costs 100,000
What is the ROI for the year?
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• Question 16
1 out of 1 points
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A measure frequently used to evaluate the performance of the manager of an investment center is
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• Question 17
1 out of 1 points
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What is the goal of residual income?
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• Question 18
1 out of 1 points
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Which of the following would not be considered an aspect of budgetary control?
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• Question 19
1 out of 1 points
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All of the following statements are correct about management by exception except it
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• Question 20
12 out of 12 points
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Match the items below by entering the appropriate code letter in the space provided.
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