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Final exam prep exam 3

A static budget
shows planned results at the original budgeted activity level
Top management reaction to a difference between budgeted and actual sales often depends on
The materiality of the difference.
Static budget is appropriate for
fixed overhead costs
What is the primary difference between a static budget and a flexible budget?
The statistic budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels.
A flexible
Projects budget data for various levels of activity.
The flexible budget
Is a series of static budgets at a different levels of activity.
Management by exception
means that only unfavorable differences will be investigated
A Profit Center is
Evaluated by the rate of return earned on the investment allocated to the center.
Which of the following are financial measures of performances.
Controllable Margin and productivity.
A standard cost is
A predetermined cost
The difference between a budget and a standard is that
standards are excluded from the cost accounting system, whereas budgets are generally incorporated into the cost accounting system.
Using standard costs
Provides a basis for evaluating cost control.
Ideal Standards
are the standards generally used in master budgets.
The balanced scorecard
Incorporates, financial, and non-financial measures, in an integrated system.
The customer perspective of the balanced scorecard approach
Evaluates how well the company is performing from the view point of those people who buy its products and services.
Standards based on the optimum level of performance under operating.
Ideal standards
A managerial accountant
Ask and email teacher about the answer.

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