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    FIN704 - Managerial Accounting Quiz#2 Solution and Discussion

    FIN704 - Managerial Accounting
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    • zaasmi
      zaasmi Cyberian's Gold last edited by

      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

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