Ch 8 quizzes
A static budget:
b. should be compared to a flexible budget to assess how cos
c. is the most effective way to display spending standards.
d. is valid for only one level of activity.
e. All of the answers are correct.
status: not answered
Lewis, Inc. sells candles. The estimated numbers of candle sales for the last three months of
2009 are as follows:
Finished goods inventory at September 30 was 5,000 units. Ending finished goods inventory is
projected to be 20% of next month's sales. Lewi
1. The variance that is most useful in assessing the performance of the purchasing
department manager is:
A) the materials quantity variance.
B) the materials price variance.
C) the labor rate variance.
D) the labor efficiency
DIRECT FINANCING LEASE
SALES TYPE LEASE
Annuity Due Lease
find present value of transfered cash flows
Basically a rental agreement.
aka "PV of minimum lease payments"
provides the SALE
Chapter 7Standard Costing and Variance Analysis
1. A primary purpose of using a standard cost system is
a. to make things easier for managers in the production facility.
b. to provide a distinct measure of cost control.
c. to minimize the
1. McCort Company employs a standard cost system in which direct materials inventory is carried at
standard cost. The company has established the following standards for the prime costs of one unit
The vested benefit obligation is the pension benefit obligation that is not contingent upon an
employee's continuing service.
The accumulated benefit obligation is the discounted present value of retirement benefits
calculated by applying the pension form
Earnings per Share
You may be wondering why an entire chapter is devoted to a topic that you probably
previously encountered and mastered in just a few minutes. After all, earnings per share
(EPS) is just income divided by the number of shares