PracticeExam3(with answers)

PracticeExam3(with answers) - Practice Exam In an effort to...

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Practice Exam In an effort to provide equal access and fairness to all students, the instructor is providing a sample exam for student review. Although the provided examination gives direction on the instructors’ style of evaluation, it does not indicate exactly what will be on upcoming examinations. Examinations may vary based on format, length, content and other characteristics.
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ACC252 Practice Exam 3 1. Viger Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month: What was the variable overhead spending variance for the month? a. $2,000 favorable b. $720 favorable c. $1,260 unfavorable D . $1,980 favorable Actual rate = Actual total variable manufacturing overhead Actual machine-hours Actual rate = $60,390 9,900 = $6.10 Variable overhead spending variance = AH (AR - SR) 9,900 ($6.10 - $6.30) = 9,900 (-$0.20) = $1,980 F 2. The purpose of a flexible budget is to: a. allow management some latitude in meeting goals. b. eliminate fluctuations in production reports by ignoring variable costs. C . compare actual and budgeted results at virtually any level of activity. d. reduce the time to prepare the annual budget. 3. A budget that is based on the actual activity of a period is known as a: a. continuous budget. B . flexible budget. c. static budget. d. master budget.
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15,000 machine-hours: What would be the flexible budget amounts at an activity level of 12,000 machine-hours if indirect materials is a variable cost and factory rent is a fixed cost? a.
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PracticeExam3(with answers) - Practice Exam In an effort to...

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