Managerial Accounting

* Question 1

10 out of 10 points

Segment margin is calculated as follows:

Answer

Selected Answer:

Revenues less direct costs.

Correct Answer:

Revenues less direct costs.

* Question 2

10 out of 10 points

Talladega Industries, Inc., (TII) developed the following standard costs for direct material and direct labor for one of their major products, the 10-gallon plastic container.

During August, TII produced and sold 10,000 containers using 980 pounds of direct materials at an average cost per pound of $32 and 500 direct labor hours at an average wage of $15.25 per hour.

August's direct material planning variance was:

Answer

Selected Answer:

indeterminable using the information provided

Correct Answer:

indeterminable using the information provided

* Question 3

10 out of 10 points

The financing section of the expected cash flow statement includes:

Answer

Selected Answer:

dividends paid.

Correct Answer:

dividends paid.

* Question 4

0 out of 10 points

To discover where to make improvements in productivity, managers might do all of the following EXCEPT:

Answer

Selected Answer:

calculate the ratio of output over input.

Correct Answer:

compare return on sales to a competitor's return on sales.

* Question 5

0 out of 10 points

The variance that LEAST affects cost control is the ________ variance.

Answer

Selected Answer:

direct material price

Correct Answer:

planning

* Question 6

10 out of 10 points

These questions refer to flexible budget variance formulas with the following descriptions for the variables: A = Actual; P = Price; Q = Quantity; S = Standard.

The best label for the formula (AP - SP) x AQ is the:

Answer

Selected Answer:

materials price variance.

Correct Answer:

materials price variance.

* Question 7

10 out of 10 points

Although planners update or revise the budgets during the period, ________ is typically performed once per year.

Answer

Selected Answer:

periodic budgeting

Correct

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