ACC 561 Final Exam Study Guide Managerial Accounting 80 Question Database
ACC 561 Final Exam Study Guide Managerial Accounting 80 Question Database www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-561-final-exam-study-guide-managerial-accounting-80-question-database/ Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
1. A major element in budgetary control is
a. the preparation of long-term plans.
b. the comparison of actual results with planned objectives.
c. the valuation of inventories.
d. approval of the budget by the stockholders.
2. Budget reports should be prepared
a. daily.
b. monthly.
c. weekly.
d. as frequently as needed.
3. On the basis of the budget reports,
a. management analyzes differences between actual and planned results.
b. management may take corrective action.
c. management may modify the future plans.
d. all of these.
4. The purpose of the departmental overhead cost report is to
a. control indirect labor costs.
b. control selling expense.
c. determine the efficient use of materials.
d. control overhead costs.
5. The purpose of the sales budget report is to
a. control selling expenses.
b. determine whether income objectives are being met.
c. determine whether sales goals are being met.
d. control sales commissions.
6. The comparison of differences between actual and planned results
a. is done by the external auditors.
b. appears on the company’s external financial statements.
c. is usually done orally in departmental meetings.
d. appears on periodic budget reports.
7. A static budget
a. should not be prepared in a company.
b. is useful in evaluating a manager’s performance by comparing actual variable costs and planned variable costs.
c. shows planned results at the original budgeted activity level.
d. is changed only if the actual level of activity is different than originally budgeted.
8. A static budget report
a. shows costs at only 2 or 3 different levels of activity.
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
1. A major element in budgetary control is
a. the preparation of long-term plans.
b. the comparison of actual results with planned objectives.
c. the valuation of inventories.
d. approval of the budget by the stockholders.
2. Budget reports should be prepared
a. daily.
b. monthly.
c. weekly.
d. as frequently as needed.
3. On the basis of the budget reports,
a. management analyzes differences between actual and planned results.
b. management may take corrective action.
c. management may modify the future plans.
d. all of these.
4. The purpose of the departmental overhead cost report is to
a. control indirect labor costs.
b. control selling expense.
c. determine the efficient use of materials.
d. control overhead costs.
5. The purpose of the sales budget report is to
a. control selling expenses.
b. determine whether income objectives are being met.
c. determine whether sales goals are being met.
d. control sales commissions.
6. The comparison of differences between actual and planned results
a. is done by the external auditors.
b. appears on the company’s external financial statements.
c. is usually done orally in departmental meetings.
d. appears on periodic budget reports.
7. A static budget
a. should not be prepared in a company.
b. is useful in evaluating a manager’s performance by comparing actual variable costs and planned variable costs.
c. shows planned results at the original budgeted activity level.
d. is changed only if the actual level of activity is different than originally budgeted.
8. A static budget report
a. shows costs at only 2 or 3 different levels of activity.