26.Which of the following budgets would not exist for a merchandising firm? A.Sales budget B.Purchases budget C.Production budget D.Selling and administrative budget

27.Comparing the master budget with the flexible budget creates a A.quantity variance B.volume variance C.spending variance D.price variance

29.Which of the following terms is not used interchangeably with the term "budgeted"? A.predicted B.estimated C.standard D.anticipated

30.Which of the following companies would most likely use process costing? A.A soft drink company B.A law firm C.A garden equipment manufacturer D.A home remodeling company

31.Conversion costs consist of A.all costs of production. B.raw materials and direct labor C.direct labor and manufacturing overhead. D.raw materials and manufacturing overhead

32.Which of the following types of firms would most likely use job-order costing? A.Happy-Oh Cereal Company B.Huey, Lewey & Dewie, Attorneys C.SoooSweet Beverage D.C-5 Cement Company

33.Which of the following is the correct sequencing of the managerial process? A.Planning - Organizing - Control - Directing/Leading B.Planning - Directing/Leading - Organizing - Control C.Planning - Organizing - Directing/Leading - Control D.Organizing - Directing/Leading - Planning - Control

34.Which of the following is not a characteristic of financial accounting? A.Financial reports are prepared according to GAAP. B.Information is used primarily by internal parties. C.Information is objective, reliable and historical. D.Reports are prepared periodically.

35.Which of the following is not a characteristic of managerial accounting? A.Information is used by internal parties. B.Information is subjective, relevant, future-oriented. C.Reports are prepared as needed. D.Reports are prepared according to GAAP.

29.Which of the following terms is not used interchangeably with the term "budgeted"? A.predicted B.estimated C.standard D.anticipated

30.Which of the following companies would most likely use process costing? A.A soft drink company B.A law firm C.A garden equipment manufacturer D.A home remodeling company

31.Conversion costs consist of A.all costs of production. B.raw materials and direct labor C.direct labor and manufacturing overhead. D.raw materials and manufacturing overhead

32.Which of the following types of firms would most likely use job-order costing? A.Happy-Oh Cereal Company B.Huey, Lewey & Dewie, Attorneys C.SoooSweet Beverage D.C-5 Cement Company

33.Which of the following is the correct sequencing of the managerial process? A.Planning - Organizing - Control - Directing/Leading B.Planning - Directing/Leading - Organizing - Control C.Planning - Organizing - Directing/Leading - Control D.Organizing - Directing/Leading - Planning - Control

34.Which of the following is not a characteristic of financial accounting? A.Financial reports are prepared according to GAAP. B.Information is used primarily by internal parties. C.Information is objective, reliable and historical. D.Reports are prepared periodically.

35.Which of the following is not a characteristic of managerial accounting? A.Information is used by internal parties. B.Information is subjective, relevant, future-oriented. C.Reports are prepared as needed. D.Reports are prepared according to GAAP.