ch13 - ch13 Student: _ 1. Effectiveness in an operation or...

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ch13 Student: ___________________________________________________________________________ 1. Effectiveness in an operation or organization: A. Refers to the attainment of a set goal. B. Refers to conservation of resources. C. Is only an ideal that can never be reached. D. Is only indirectly related to a firm's strategy. E. Can be assessed only at top level of management. 2. An operation is efficient if the firm: A. Attains its set goals. B. Wastes no resources in operation. C. Reduces its size. D. Has a higher total sales. E. Increases its profits. 3. A firm can be: A. Efficient without being effective. B. Effective without being efficient. C. Both answer A and answer B are correct. D. Neither answer A nor answer B is correct. E. None of the above answers is correct. 4. One important goal for a firm is to earn the projected operating income for the period. Attainment of this goal is measured by comparing the actual operating income to the: A. Flexible budget operating income. B. Prior period's operating income. C. Capital budget. D. Master budget operating income. E. Industry average operating income. 5. The operating income total variance reveals whether the firm has achieved: A. The sales level budgeted for the period. B. Control of variable expenses for the period. C. Control of fixed expenses for the period. D. Control of total expenses for the period. E. The budgeted operating income for the period. 6. A standard cost sheet specifies the standard price and quantity of each manufacturing cost element in the: A. Research to develop one unit of a product. B. Production of one unit of a product. C. Distribution of one unit of a product. D. Sale of one unit of a product. E. None of the above. 1
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7. An authoritative standard is determined solely or primarily by: A. Distributors. B. Employees. C. Customers. D. Suppliers. E. None of the above. 8. The arrival of new manufacturing techniques such as automation, flexible manufacturing systems, and cluster or cell manufacturing has: A. Emphasized the importance of direct labor variances. B. Not had an effect on the importance of direct labor variances. C. De-emphasized the importance of direct labor variances. D. Made direct labor variances obsolete. E. None of the above. 9. The master (static) budget is useful for all of the following except: A. Incorporating the impact of changing operating conditions. B. As a tool for initial planning. C. For use in coordinating efforts for the budget period. D. Assessing operation efficiency. E. All of the above are correct. 10. The flexible budget is a budget that adjusts: A. Revenues for sales dollar changes. B. Revenues and expenses for changes in output achieved. C. Expenses for changes in output achieved. D. For uncontrollable external conditions.
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This note was uploaded on 06/03/2008 for the course ACCT 304 taught by Professor Any during the Spring '08 term at Rutgers.

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ch13 - ch13 Student: _ 1. Effectiveness in an operation or...

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