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    4. FIN704 - Managerial Accounting
    • FIN704 - Managerial Accounting Quiz#2 Solution and Discussion

      zaasmi

      Units to be produced for the month of April would be Rs. 19,000 if opening inventory, closing inventory and budgeted sales were 4,000 units, 3,500 units and 20,000 units respectively.

      True

      False

      Cost control technique is only effective when some form of standard can be set.

      True

      Flase

      Flexible budget consists on several budgets.

      True

      Flase

      Indirect material cost is included in factory overhead cost budget.

      True

      Flase

      Cash budget is part of budgeted income statement.

      True

      Flase

      Cost control technique is concerned with genuine cost saving even standards are challenged.

      True

      Flase

      Production budget can be calculated as follows:
      Sales budgeted + desired ending inventory – opening inventory

      True

      Flase

      Under estimation of revenues and costs is budget padding.

      True

      Flase

      Direct material budget, direct labor budget and factory overhead budget are part of budgeted income statement.

      True

      Flase

      Direct material budget is part of budgeted income statement.

      True

      Flase

      Cash budget is part of budgeted balance sheet.

      True

      Flase

      Nature of flexible budget is dynamic.

      True

      Flase

      Fixed budget is based on assumption and flexible budget is realistic.

      True

      Flase

      Price variance can be calculated as follows as follows:
      (Actual cost incurred - standard cost) x Actual quantity of units purchased

      True

      Flase

      FIN704 - Managerial Accounting
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    • zaasmi

      FIN704 - Managerial Accounting Quiz#2 Solution and Discussion
      • zaasmi

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