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Homework answers / question archive / Question 1 2 / 2 pts A flexible budget ________

Question 1 2 / 2 pts A flexible budget ________

Accounting

Question 1

2 / 2 pts

A flexible budget ________.

  

gives actual figures for selling price

  

is not used in overhead variance calculations

  

predicts estimated revenues and costs at varying levels of production

  

gives actual figures for variable and fixed overhead

 

 

Question 2

2 / 2 pts

This variance is the difference involving spending more or using more than the standard amount.

  

unfavorable variance

 

no variance

  

favorable variance

  

variance

 

 

Question 3

2 / 2 pts

This variance is the difference involving spending less, or using less than the standard amount.

  

no variance

  

unfavorable variance

 

variance

  

favorable variance

 

 

Question 4

2 / 2 pts

What are some possible reasons for a material price variance?

  

labor efficiency

  

labor rate decreases

 

labor rate increases

  

substandard material

 

 

Question 5

2 / 2 pts

When is the material price variance unfavorable?

  

when the actual quantity used is greater than the standard quantity

 

when the actual price is less than the standard price

  

when the actual price paid is greater than the standard price

  

when the actual quantity used is less than the standard quantity

 

 

Question 6

2 / 2 pts

When is the material quantity variance favorable?

  

when the actual quantity used is greater than the standard quantity

  

when the actual price paid is greater than the standard price

  

when the actual quantity used is less than the standard quantity

 

when the actual price is less than the standard price

 

 

Question 7

2 / 2 pts

What are some possible reasons for a labor rate variance?

  

hiring of less qualified workers

  

material price increase

  

an excess of material usage

  

utilities usage change

 

 

Question 8

2 / 2 pts

When is the labor rate variance favorable?

  

when the actual quantity used is less than the standard quantity

  

when the actual quantity used is greater than the standard quantity

  

when the actual price paid is greater than the standard price

  

when the actual price is less than the standard price

 

 

Question 9

2 / 2 pts

When is the direct labor time variance favorable?

  

when the actual quantity used is less than the standard quantity

  

when the actual price is less than the standard price

  

when the actual quantity used is greater than the standard quantity

  

when the actual price paid is greater than the standard price

 

 

Question 10

0 / 2 pts

The fixed factory overhead variance is caused by the difference between which of the following?

  

actual fixed overhead and applied fixed overhead

  

actual and standard allocation base

 

actual and budgeted units

 

actual and standard overhead rates

 

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Question 1

2 / 2 pts

A flexible budget ________.

  

gives actual figures for selling price

   

is not used in overhead variance calculations

 Correct!  

predicts estimated revenues and costs at varying levels of production

   

gives actual figures for variable and fixed overhead

 

 

Question 2

2 / 2 pts

This variance is the difference involving spending more or using more than the standard amount.

Correct!  

unfavorable variance

   

no variance

   

favorable variance

   

variance

 

 

Question 3

2 / 2 pts

This variance is the difference involving spending less, or using less than the standard amount.

  

no variance

   

unfavorable variance

   

variance

 Correct!  

favorable variance

 

 

Question 4

2 / 2 pts

What are some possible reasons for a material price variance?

  

labor efficiency

   

labor rate decreases

   

labor rate increases

 Correct!  

substandard material

 

 

Question 5

2 / 2 pts

When is the material price variance unfavorable?

  

when the actual quantity used is greater than the standard quantity

   

when the actual price is less than the standard price

 Correct!  

when the actual price paid is greater than the standard price

   

when the actual quantity used is less than the standard quantity

 

 

Question 6

2 / 2 pts

When is the material quantity variance favorable?

  

when the actual quantity used is greater than the standard quantity

   

when the actual price paid is greater than the standard price

 Correct!  

when the actual quantity used is less than the standard quantity

   

when the actual price is less than the standard price

 

 

Question 7

2 / 2 pts

What are some possible reasons for a labor rate variance?

Correct!  

hiring of less qualified workers

   

material price increase

   

an excess of material usage

   

utilities usage change

 

 

Question 8

2 / 2 pts

When is the labor rate variance favorable?

  

when the actual quantity used is less than the standard quantity

   

when the actual quantity used is greater than the standard quantity

   

when the actual price paid is greater than the standard price

 Correct!  

when the actual price is less than the standard price

 

 

Question 9

2 / 2 pts

When is the direct labor time variance favorable?

Correct!  

when the actual quantity used is less than the standard quantity

   

when the actual price is less than the standard price

   

when the actual quantity used is greater than the standard quantity

   

when the actual price paid is greater than the standard price

 

 

Question 10

0 / 2 pts

The fixed factory overhead variance is caused by the difference between which of the following?

Correct answer  

actual fixed overhead and applied fixed overhead

   

actual and standard allocation base

 You Answered  

actual and budgeted units

   

actual and standard overhead rates