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GB 519 Unit 5 Quiz
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GB 519 Unit 5 Quiz

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UNIT 5 QUIZ

1. Question : When a firm determines the desired cost for a product or service,

given a competitive market price, in order to earn a desired profit,

the firm is exercising:

Student Answer: Target costing.

Life cycle costing.

Variable costing.

Absorption costing.

Competitive costing.

 

 

Question 2. Question : The theory of constraints (TOC) emphasizes which of the

following?

Student Answer:

Developing competitive constraints.

Finding and eliminating design constraints.

Removing bottlenecks from the production process.

Improving overall production efficiency.

 

 

Question 3. Question : Generally, firms will price a product more competitively at which

stages of the product's sales life cycle?

Student Answer:

Product introduction and Growth.

Maturity and Decline.

Throughout the cycle.

At the end of the life cycle.

UNIT 5 QUIZ

Question 4. Question : Throughput margin is defined as sales less:

Student Answer:

Direct labor costs.

Direct material costs.

Direct labor and material costs.

Processing costs.

Manufacturing costs.

 

 

Question 5. Question : Traditional financial control systems have recently been criticized

because:

Student Answer:

They use flexible, not static, budgets.

They generally lead to goal-congruent behavior on the part of

managers.

They focus more in improving basic business processes than

short-term financial results.

They fail to incorporate nonfinancial performance indicators

into the evaluation process.

They provide performance data on a real-time basis.

 

 

Question 6. Question : Which one of the following is the difference between the actual

hourly wage rate and the standard hourly wage rate, multiplied by

the actual direct labor hours worked during a period?

Student Answer:

Total direct labor standard cost variance.

Direct labor efficiency variance.

Direct labor usage variance.

Direct labor flexible-budget variance.

Direct labor rate variance.

 

 

UNIT 5 QUIZ

Question 7. Question : A "standard cost" is a predetermined amount (e.g., cost) that:

Student Answer:

Should be incurred under relatively efficient operating

conditions.

Will be incurred for an operation or a specific objective.

Must occur for an operation or a specific objective.

Cannot be changed once it is established by management.

Is useful for planning and control but not inventory valuation

purposes.

 

 

Question 8. Question : The difference between the total actual sales revenue of a period

and the total flexible-budget sales revenue for the units sold during

the period is the:

Student Answer:

Total flexible-budget variance.

Sales volume variance.

Selling price variance.

Operating income flexible-budget variance.

Operating income variance.

 

 

Question 9. Question : Which of the following is not a plausible cause of a systematic

variance?

Student Answer:

Prediction error.

Modeling error.

Implementation error.

Measurement error.

Random error

 

 

UNIT 5 QUIZ

Question 10. Question : Which one of the following journal entries in a standard cost

system would be used to apply factory overhead costs to

production?

Student Answer:

A debit to the factory overhead account, at standard cost.

A credit to the factory overhead account, at standard cost.

A debit to WIP inventory, at actual cost.

A credit to Finished Goods Inventory, at standard cost.

 

 

Question 11. Question : Which of the following factors is not usually important when

deciding whether to investigate a variance?

Student Answer:

Magnitude of the variance.

Trend of the variance over time.

Whether the variance is favorable or unfavorable.

Cost of investigating the variance.

Likelihood that the variance will recur in the future.

 

 

Question 12. Question : The difference between total variable overhead cost incurred and

the standard variable overhead cost based on the actual quantity of

the cost driver used to apply variable overhead is the:

Student Answer:

Total variable overhead variance.

Variable overhead spending variance.

Variable overhead rate variance.

Variable overhead efficiency variance.

 

UNIT 5 QUIZ

Question 13. Question : Electronic Component Company (ECC) is a producer of high-end

video and music equipment. ECC currently sells its top of the line

"ECC" DVD player for a price of $250. It costs ECC $210 to

make the player. ECC's main competitor is coming to market with

a new DVD player that will sell for a price of $220. ECC feels that

it must reduce its price to $220 in order to compete. The sales and

marketing department of ECC believes the reduced price will

cause sales to increase by 15%. ECC currently sells 200,000 DVD

players per year.

Assuming sales and marketing are not correct in their estimation

and the volume of sales is not changed and ECC meets the

competitive price, what is the target cost if ECC wants to maintain

its same income level?

Student Answer:

$210.

$200.

$190.

$180.

 

 

Question 14. Question : Lucky Company's direct labor information for the month of

February is as follows:

Actual DL Hours Word (AQ) = 61,500

Standard DL Hours Allowed (SQ) = 63,000

Total Payroll for DL = $774,900

DL Efficiency Variance = $18,000

The standard direct labor rate per hour is:

Student Answer:

$12.00.

$12.30.

$12.60.

$13.20.

$13.50.

UNIT 5 QUIZ

 

Question 15. Question : Lucky Company's direct labor information for the month of

February is as follows:

Actual DL Hours Word (AQ) = 61,500

Standard DL Hours Allowed (SQ) = 63,000

Total Payroll for DL = $774,900

DL Efficiency Variance = $18,000

The actual direct labor rate per hour (AP) is:

Student Answer:

$12.00.

$12.30.

$12.60.

$13.20.

$13.50.

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