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Management Sciences 5307 MCQs [All-Courses]

Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

If an actual input price is $70 and the budgeted input price is $40, then the price variance will be ____________?

A $120

B $50

C $110

D $30

Review Detailed Answer

Correct Answer: $30

The process of assigning the direct or indirect cost to any cost object is known as ____________?

A cost assignment

B cost expectation

C event assignment

D probability assignment

Review Detailed Answer

Correct Answer: cost assignment

An actual cost is subtracted from flexible budget cost to calculate ____________?

A positive cost variance

B negative cost variance

C flexible budget variance

D flexible cost variance

Review Detailed Answer

Correct Answer: flexible budget variance

An approach which yields the benefits of normal costing and the actual manufacturing overhead is classified as ____________?

A unadjusted allocation rate approach

B adjusted budget rate approach

C unadjusted budget rate approach

D adjusted allocation rate approach

Review Detailed Answer

Correct Answer: adjusted allocation rate approach

If the budgeted price of input is $50, actual quantity of input is 150 units and the allowed budgeted quantity of input is 60 units then efficiency variance will be __________?

A $4,500

B $3,500

C $2,500

D $1,500

Review Detailed Answer

Correct Answer: $4,500

The total indirect cost in the pool by an actual quantity of cost allocation base, is used to calculate ____________?

A actual manufacturing overhead rate

B manufacturing overhead costs

C overhead rate

D direct rate

Review Detailed Answer

Correct Answer: actual manufacturing overhead rate

The difference between actual quantity use and input quantity for output is multiplied with budgeted price to calculate ___________?

A efficiency deviation

B efficiency variance

C budgeted variance

D usage variance

Review Detailed Answer

Correct Answer: efficiency variance

An under allocated indirect cost is also called ____________?

A under applied indirect cost

B under absorbed indirect cost

C absorbed indirect cost

D both a and b

Review Detailed Answer

Correct Answer: both a and b

The budgeted input quantity is added in to efficiency variance to calculate _____________?

A actual input quantity

B actual output quantity

C actual input price

D actual output price

Review Detailed Answer

Correct Answer: actual input quantity

If the budgeted annual indirect cost is $60000, budgeted annual quantity of cost allocation base is $3600, then budgeted indirect cost rate will be __________?

A 15.67 per piece

B 16.67 per piece

C 14.67 per piece

D 13.67 per piece

Review Detailed Answer

Correct Answer: 16.67 per piece

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

If an actual input price is $70 and the budgeted input price is $40, then the price variance will be ____________?

The process of assigning the direct or indirect cost to any cost object is known as ____________?

An actual cost is subtracted from flexible budget cost to calculate ____________?

An approach which yields the benefits of normal costing and the actual manufacturing overhead is classified as ____________?

If the budgeted price of input is $50, actual quantity of input is 150 units and the allowed budgeted quantity of input is 60 units then efficiency variance will be __________?

The total indirect cost in the pool by an actual quantity of cost allocation base, is used to calculate ____________?

The difference between actual quantity use and input quantity for output is multiplied with budgeted price to calculate ___________?

An under allocated indirect cost is also called ____________?

The budgeted input quantity is added in to efficiency variance to calculate _____________?

If the budgeted annual indirect cost is $60000, budgeted annual quantity of cost allocation base is $3600, then budgeted indirect cost rate will be __________?