Chapter 6,7,8 Practice Quiz

Chapter 6,7,8 Practice Quiz - Cost Accoutning Chapter 6,7,8...

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Cost Accoutning Chapter 6,7,8 Practice Quiz 1. Budgeting is used to help companies: a. plan to better satisfy customers b. anticipate potential problems c. focus on opportunities d. All of these answers are correct. 2. Financing decisions PRIMARILY deal with: a. the use of scarce resources b. how to obtain funds to acquire resources c. acquiring equipment and buildings d. preparing financial statements for stockholders 3. A good budgeting system forces managers to examine the business as they plan, so they can: a. detect inaccurate historical records b. set specific expectations against which actual results can be compared c. complete the budgeting task on time d. get promoted for doing a good job 4. For next year, Galliart, Inc., has budgeted sales of 60,000 units, target ending finished goods inventory of 3,000 units, and beginning finished goods inventory of 1,800 units. All other inventories are zero. How many units should be produced next year? 60,000 + 3,000 – 1,800 = 61,200 units
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  • Spring '14
  • Cochran
  • Cost Accounting, Direct material price variance, Direct manufacturing Labor, RII

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