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1. Cantrall Company is trying to decide which product to manufacture. Expected direct materials 2. costs are $4.00 per unit for each product. The expected direct labor costs are $2.00 per unit for one product and $4.00 per unit for another product. In choosing between the two products, the direct materials costs are ________ and the direct labor costs are _______ o irrelevant; irrelevant o relevant; irrelevant o irrelevant; relevant o relevant; relevant In determining whether to purchase a laborminussaving machine, extreme resistance to the machine by employees would be a(n) ________ o irrelevant qualitative factor o irrelevant quantitative factor o relevant qualitative factor o relevant quantitative factor 3. The contribution approach to the income statement emphasizes the distinction between ________. o different business segments o different functional areas in a firm o variable and fixed costs o value chain functions 4. The salary foregone by a person who quits a job to start a business is an example of a(n) ________. o opportunity cost o outlay cost o depreciable cost o sunk cost 5. Misalignment between the ________ stressed in budgets and ________ used to reward employees and managers can limit the advantages of budgeting. o resource goals; bonuses o performance goals; participative goals o sales goals; bonuses o performance goals; performance measures 6. What is the sequence of steps in preparing the master budget? o Output from the financial budget is used to prepare the operating budget. o Output from the operating budget is used to prepare the financial budget. o Output from the financial budget is used to prepare the operating expense budget. o Output from the financial budget is used to prepare the budgeted income statement. 7. The total amount of cash collections from customers by month appears on the ________. o budgeted balance sheet o sales budget o cash budget o operating expense budget 8. The flex in the flexible budget relates solely to variable costs." Do you agree? Explain. o No. Fixed costs are also adjusted in a flexible budget to reflect varying levels of activity. Therefore, flexible budgets are flexible with respect to both variable and fixed costs. o o o Yes. Flexible budgets are flexible only with respect to variable costs. By definition, fixed costs do not change with the level of activity, and therefore there is no "flex" in the fixed cost portion of a flexible budget. Yes. Flexible budgets are flexible only with respect to variable costs. Although fixed costs change with the level of activity, only variable costs are evaluated in a flexible budget. No. Flexible budgets are prepared for only one expected level of activity. By definition, fixed costs do not change with the level of activity, and therefore fixed costs are the only costs included in a flexible budget. 9. Which of the following statements is FALSE? o Flexible budgets are based on different assumptions about cost behavior than those used for static budgets. o A flexible budget is also called a variable budget. o Flexible budgets are prepared for a range of activity. o Flexible budgets are matched to actual levels of activity. 10. If sales are the cost driver, unfavorable flexible budget variances result from ________. o actual sales exceeding planned sales o actual costs exceeding planned costs o planned sales exceeding actual sales o planned costs exceeding actual costs 11. Rate variances are the same as ________ variances. Efficiency variances are the same as ________ variances. o activity; static o spending; effective o price; quantity o usage; quantity 12. A management control system includes the techniques to gather and use information to ________. o make planning and control decisions o motivate employee behavior o evaluate performance o all of the above 13. Which of the following statements about managerial effort is FALSE? o Goal congruence must be accompanied by managerial effort. o Managerial effort includes all conscious actions that result in more efficiency and o o effectiveness. Managerial effort is the exertion towards a goal. Managerial effort does not have to accompany goal congruence. 14. Goal congruence exists when _______ shortminusrun goals and long minusrun goals are the same performance reports are used constructively the management control system reflects the organization's goals employees respond to incentives created by a management control system and make decisions that help meet the goals of the organization o o o o 15. Segment contribution margin less ________ describes the segment contribution that is controllable by segment managers. o fixed costs controlled by others(not segment managers) o unallocated costs o uncontrollable costs o fixed costs controllable by segment managers 16. What is a balanced scorecard and why are more companies using one? What is a balanced scorecard? o A performance report that contains measures of all the key financial and nonfinancial variables that are important for a company to prosper. o A characteristic or attribute that must be achieved in order to drive the organization towards its goals. o A logical integration of techniques to gather and use information to make planning and control decisions, to motivate employee behavior, and to evaluate performance. o A measurement technique that focuses on prevention of defects and on achievement of customer satisfaction. o o o o Why are more companies using a balanced scorecard? Companies find that it facilitates forecasting and budgeting and communicates results of actions across the organization. Companies find that it builds on the assumption that an organization minimizes the cost of quality when it achieves high quality levels. Companies find that it is a useful tool to help managers focus on the multidimensional factors that make an organization successful. Companies find that it compares profit to investment using measures such as return on investment or residual income. 17. Which of the following statements about management control systems is FALSE? o Profitminuscenter managers always have more decentralized decisionminusmaking authority than costminuscenter managers. o In designing management control systems, top managers must consider the system's impact on the employee behavior desired by the organization. o The management control system should be designed to achieve the best possible alignment between managerial effort and goal congruence. o The design of a management control system should consider the responsibilities of managers and the amount of autonomy they have. 18. For costs that accountants cannot directly trace to products or services, accountants use ________ or ________. o sensitivity analysis; financial planning models o costminusallocation methods; leave costs unallocated o costminusbudgeting methods; ignore remaining costs o ABC methods; payback method 19. Variable costs of service departments are allocated to user departments using ________ cost rates instead of ________ cost rates. o shortrange; longrange o actual; budgeted o longrange; shortrange o budgeted; actual 20. Timothy Company manufactures two models of pens, a standard model and a deluxe model. Three activities have been identified in the production of the pens. The following information is available: o o o o $13,200 $8,400 $33 $44,000 o o o o $2.025 per machine hour $2.25 per machine hour $2.875 per machine hour $2.05 per machine hour 21. 22. The cost driver chosen for applying factory overhead costs should be the cost driver that ________. o incurs the least administrative costs o is easiest to calculate o causes most of the overhead costs o is easiest to understand 23. Variable costing considers fixed manufacturing overhead costs as a(n) ________. o future cost o inventoriable cost o immediate expense o product cost 24. Is the comparison of actual overhead costs to budgeted overhead costs part of the productcosting process or part of the control process? Explain. The comparison of actual overhead costs to budgeted overhead costs is part of the .................... It is part of this process because o it tells managers how to control inventory costs. o it tells managers when the actual results differ from what was expected. o it tells managers how to control actual overhead costs. o it tells managers how to improve the process. 25. Underapplied fixed factory overhead can be explained by ________ variance and ________ variance. o fixed overhead spending; production volume o fixed overhead spending; fixed overhead efficiency o production volume; fixed overhead efficiency o fixed overhead spending; fixed overhead flexible budget 26. Three types of costs are accumulated on jobcost records that include direct materials, ________ and ________. o direct labor; applied factory overhead o variable factory overhead; fixed factory overhead o direct labor; budgeted factory overhead o direct labor; actual factory overhead 27. Direct materials of $10,000 are requisitioned by the production supervisor for the production area. Joborder costing is used. The journal entry to record this transaction is: o WorkInProcess Inventory $10,000 Direct Materials Inventory $10,000 o Direct Materials Inventory $10,000 WorkInProcess Inventory $10,000 o Direct Materials Inventory $10,000 Accounts payable $10,000 o Finished Goods Inventory $10,000 Direct Materials Inventory $10,000 28. o o o o 48,000 54,000 60,000 12,000