1. If actual production overhead cost is less than anticipated production overhead cost, then the overhead variance is (1.5 Points) O b. unfavorable O c.not affected. O a favorable. O d. None of the above 2. Budgeting Allows all the following activities in (1.5 Points) O Monitor progress throughout the time period. O Show differences between plans or goals and actual use. Take corrective action as problems arise All of them 3. Which of the following is not an advantage of using budget costs (1.5 Points) Budget serve as cost benchmarks. O Budget are useful for comparison Budget can simplify bookkeeping O Budget can interpret behavioral consequences. 4. Which of these companies would use process costing (1.5 Points) O b. Pace Foods, producer of Pace Picante Sauce 3. Saatchi & Saatchi, advertising firm O O O O c. Accenture Management Consultants d. Amazon.com 5. Indirect costs are often difficult to trace to the specific cost object under consideration (1.5 Points) O True O False 6. One of the following is not the Objectives of Budgeting an (1.5 Points) O Provide structure for the company O Measure and evaluate performance O Allocate funds O Present the results of the financial activities O Predict cash flows