Question 6 Not yet answered Marked out of I .00 Flag question 06. Which of the following terms best describes future costs that differ among competing alternatives? Select one: a. Absorption costs O O b. Relevant costs c. Replacement costs O d. Variable overhead costs O Question 7 Not yet answered Marked out of 100 Flag question 07. Which of the following best describes a typical participative budget? Select one: C) a. It is NOT subject to review by higher levels of management since to do so would contradict the participative aspect of the budgeting processing. C) b. It is NOT subject to review by higher levels of management except in specific cases where the input of higher management is required. C) c. It is subject to review by higher levels of management in order to prevent the budgets from becoming too loose. C) d. It is NOT critical to the success of a budgeting program. Question 8 Not yet answered Marked out of I .00 Flag question 08. Which of the following variances in a comprehensive performance report using the flexible budget concept is the most appropriate for measuring efficiency of operations? Select one: C) a. Sales volume variance. b. Contribution margin variance. O c. Flexible budget variance. O d. Total static budget variance. O Question 9 Not yet answered Marked out of I .00 Flag question 09. There are various budgets within the master budget. One of these budgets is the production budget. Which of the following best describes the production budget? Select one: C) a. It details the required direct labour hours. C) b. It details the required raw materials purchases. C) c. It is calculated based on the sales budget and the desired ending finished goods inventory. O d. It summarizes the costs of producing units for the budget period. Question 10 Not yet answered Marked out of I .00 Flag question 10. For which of the following can variances between actual and budgeted be used? Select one: o O O O a. To alert managers to potential problems and available opportunities b. To inform managers about how well the company has implemented ts strategies c. To signal that company strategies are ineffective d. All of these answers are correct.