Question
1
1 out of 1 points
The process by which a company's products or services are measured relative to the best
possible levels of performance is known as:
Selected Answer:
benchmarking
Question
2
1 out of 1 points
Answer the following questions using the information below:
JJ White planned to use $82 of material per unit but actually used $80 of material per unit, and
planned to make 1,200 units but actually made 1,000 units.
The flexiblebudget amount is:
Selected Answer:
$82,000
Question
3
1 out of 1 points
Answer the following questions using the information below:
Bates Corporation used the following data to evaluate their current operating system. The
company sells items for $10 each and used a budgeted selling price of $10 per unit.
Actual
Budgeted
Units sold 495,000 units 500,000 units
Variable costs $1,250,000 $1,500,000
Fixed costs $ 925,000 $ 900,000
What is the staticbudget variance of variable costs?
Selected Answer:
$250,000 favourable
Question
4
1 out of 1 points
Answer the following questions using the information below:
JJ White planned to use $82 of material per unit but actually used $80 of material per unit, and
planned to make 1,200 units but actually made 1,000 units.
The salesvolume variance is:
Selected Answer:
$16,400 unfavourable
Question
1 out of 1 points
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Answer the following questions using the information below:
These questions refer to flexiblebudget variance formulas with the following descriptions for
the variables: A = Actual; B = Budgeted; P = Price; Q = Quantity.
The best label for the formula (AP  BP) AQ is the:
Selected Answer:
price variance
Question
6
1 out of 1 points
The flexiblebudget variance for direct cost inputs can be further subdivided into a:
Selected Answer:
price variance and an efficiency variance
Question
7
1 out of 1 points
Management by exception is the practice of concentrating on:
Selected Answer:
areas not operating as anticipated
Question
8
1 out of 1 points
One of the primary reasons for using cost variances is:
Selected Answer:
for financial control of operating activities and understanding why variances arise
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 Spring '10
 Kate
 Accounting, Direct material price variance, JJ White

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