accounting quiz

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Author:
tmoy4565
ID:
268817
Filename:
accounting quiz
Updated:
2014-04-01 16:22:51
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accounting quiz
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Description:
accounting quiz
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  1. if actual profit is less than budgeted, does it mean favorable (F) or unfavorable (U) total profit variance?
    unfavorable
  2. if actual sales price is less than budgeted, does it mean favorable or unfavorable sales price variance?
    unfavorable
  3. if actual sales quantity is less than budgeted, does it mean favorable or unfavorable sales volume variance?
    unfavorable
  4. if input price is less than budgeted, does it mean favorable or unfavorable input price variance?
    favorable
  5. if input quantity per unit of product is less than budgeted, does it mean favorable or unfavorable input quantity (efficiency) variance?
    favorable
  6. sales price variance
    (actual selling price-anticipated price)*units sold
  7. total profit variance
    actual profit-master budget profit
  8. sales volume variance
    (actual sales quantity-budgeted sales quantity)*budgeted unit cm
  9. variable cost variance
    (budgeted unit vc-actual unit vc)*actual sales q
  10. what are the two components of variable cost variance?
    • 1.input price variance
    • 2.input quantity variance
  11. Input price variance
    • actual input quantity*(budgeted input p-actual input p)
    • or
    • Cost in "as if" budget-actual cost
  12. Input quantity variance
    cash in flexible budget-cost in "as if" budget
  13. profit margin(for a given product line)
    cm-allocated capacity costs
  14. allocation rate
    • cost in cost pool       
    • denominator volume
  15. denominator volume
    total number of cost driver units for all product lines combined
  16. cost allocated in each product line
    #of cost driver units for product line*allocation rate
  17. cost driver for labor related cost pool
    direct labor dollars
  18. cost driver for machine related cost pool
    machine hours
  19. cost driver for production setups  cost pool
    # of setups
  20. cost driver for customer orders cost pool
    orders

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