Acct 311 Summer 2016
1) A cost object is anything for which a cost measurement is desired.
2) A cost is a resource sacrificed or forgone to achieve a specific objective.
Explanation: A cost object could be anything manage
Quiz 2 Chapters 5 & 6
1) Budgetary slack is the practice of underestimating costs so as to project an optimistic future
2) A budget generally includes both financial and nonfinancial aspects of the plan.
3) Which of the
Chapter 5: Sample Multiple Choice Questions
1) The use of a single indirect-cost rate is more likely to:
A) undercost high-volume simple products
B) undercost low-volume complex products
C) undercost lower-priced products
D) Both B and C are correct.
Master Budgeting and
A budget is the
expression of a proposed plan of
action by management for a
Budgeting involves two activities:
Advantages of Budgets