Acc 350 Wk 8 Quiz 6 Chapter 7 – Strayer
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ACC 350 WK 8 Quiz 6 Chapter 7 – Strayer
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ACC 350 WK 8 Quiz 6 Chapter 7
1)
The master budget is one type of flexible budget.
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2)
A flexible budget is calculated at the start of the budget period.
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3)
Information regarding the causes of variances is provided when the master budget is compared with actual results.
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4)
A variance is the difference between the actual cost for the current and previous year.
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5)
A favorable variance results when budgeted revenues exceed actual revenues.
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6)
Management by exception is the practice of concentrating on areas not operating as anticipated (such as a cost overrun) and placing less attention on areas operating as anticipated.
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7)
The essence of variance analysis is to capture a departure from what was expected.
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8)
A favorable variance should be ignored by management.
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9)
An unfavorable variance may be due to poor planning rather than due to inefficiency.
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10)
The only difference between the static budget and flexible budget is that the static budget is prepared using planned output.
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11)
The static-budget variance can be subdivided into the flexible-budget variance and the sales-volume variance.
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12)
The flexible-budget variance may be the result of inaccurate forecasting of units sold.
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13)
Decreasing demand for a product may create a favorable sales-volume variance.
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14)
An unfavorable variance is conclusive evidence of poor performance.
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15)
A company would not need to use a flexible budget if it had perfect foresight about actual output units.
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16)
The flexible-budget variance pertaining to revenues is often called a selling-price variance.
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