FinMan10e_BTest_ch22

FinMan10e_BTest_ch22 - 10th Edition FINANCIAL&...

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Unformatted text preview: 10th Edition FINANCIAL & MANAGERIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 22B Score % Name Course Section NOTE: Each of the 25 correct answers is assigned a weight of 4%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—52% INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. B TEST 17A (Concluded) For Answers Scoring 0. How much a product costs is described as the ..................................... actual cost 0. ____ 1. Accounting systems that use standards for each element of manufacturing cost entering into the finished product are called .......... 1. ____ 2. Standards that allow for idle time, machine breakdowns, and materials spoilage are called ................................................................. 2. ____ 3. When actual costs are compared with standard costs, only variances are reported for cost control. This reporting philosophy is known as 3. ____ the 4. The difference between the actual cost and the flexible budget at the actual volume is called a cost ................................................................actual volume is called a cost ....
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FinMan10e_BTest_ch22 - 10th Edition FINANCIAL&...

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