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ACCT 434 Advanced Cost Management Wk 2 Quiz and Discussions

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Question;ACCT 434 (Advanced Cost Management)Week 2 DevryWeek 2ACCT 434 Week 2 DQ 1 (Flexible vs Static)ACCT 434 Week 2 DQ 2 (Workout Room)Week 2 Quiz 11- (TCO 2) Operating budgets and financial budgets2- (TCO 2) To gain the benefits of budgeting, ________ must understand and support the budget.3- (TCO 2) Which budget is not necessary to prepare the budgeted balance sheet?4- (TCO 2) A feature of a standard-costing system is that the costs of every product or service planned to be worked on during the period can be computed at the start of that period. This feature of standard costing makes it possible to5- (TCO 2) An unfavorable variance indicates that6- (TCO 2) Which of the following statements is true about overhead cost variance analysis using activity-based costing?7- (TCO 2) Overhead costs have been increasing due to all of the following except8- (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000, Cost of goods sold 210,000, Gross margin 350,000, Operating expenses 200,000, Operating income $150,000. Katie is developing the 20X9 budget. In 20X9, the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted sales for 20X9?9- (TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2008, through June 30, 2009.10- (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table:Week 2 Quiz 21- (TCO 2) Benchmarking is2- (TCO 2) To gain the benefits of budgeting, ________ must understand and support the budget.3- (TCO 2) Which budget is not necessary to prepare the budgeted balance sheet?4- (TCO 2) A flexible budget5- (TCO 2) An unfavorable variance indicates that6- (TCO 2) Which of the following statements is true about overhead cost variance analysis using activity-based costing?7- (TCO 2) Overhead costs have been increasing due to all of the following except8- (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000, Cost of goods sold 210,000, Gross margin 350,000, Operating expenses 200,000, Operating income $150,000. Katie is developing the 20X9 budget. In 20X9, the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted cost of goods sold for 20X9?9- (TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2008, through June 30, 2009.10- (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table

 

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