Cost Accounting Final exam MCQs

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Pricing for one-time-only special orders is a type of






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Three major influences on pricing decisions are ________.






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For setting long-term prices, a company should ideally use full product costs. Full product costs for pricing purposes typically should






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In summary form, the steps, in sequence, for implementing target pricing and target costing are






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The cost-plus pricing approach is generally of the form






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Seneca Company has invested $1,000,000 in a plant to make gas pumps for service stations. The average long-run pre-tax annual return desired from this...






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General Insurance Company had a static budget operating income of $4.0 million; however, actual operating income was $6.4 million. What is the static ...






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The flexible-budget variance for total costs measures






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The most likely cause of sales-volume variance for operating income is:






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In a manufacturing area of an organization, poor product design, problems with the quality of materials, and schedule conflicts will, more than likely...






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Actual output units = 42,000, Static Budget output units = 36,000; Actual variable manufacturing OH = $400,000; Static Budget variable manufacturing O...






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A company using standard costing allocates variable manufacturing overhead (VMOH) using direct-labor hours consumed by its products. If the efficiency...






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The difference between budgeted lump-sum fixed manufacturing overhead and the fixed manufacturing overhead allocated to actual output units is called ...






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Budgeted fixed manufacturing overhead = $500,000. Actual production = 40,000 unit. Each unit budgeted to take 0.5 machine-hour to produce. Budgeted f...






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Tesla Electric budgeted for the sale of 10,000 electric cars at a budgeted contribution margin of $800 per car. The forecast of 10,000 was based on an...






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Tesla Electric budgeted for the sale of 10,000 electric cars at a budgeted contribution margin of $500 per car. The forecast of 10,000 was based on an...






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The sales-quantity variance in a multi-output setup arises because






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Jindal and Co. budgets to sell three related products A, B and C under a output sales mix of 5:3:2. The actual mix of the three products sold was 5:2:...






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One possible way of determining the difference between absorption and variable costing based operating income is






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Practical capacity is the denominator-level concept that






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Normal capacity is the denominator-level concept that






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Theoretical capacity is the denominator-level concept that






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When all direct manufacturing costs and all indirect manufacturing costs are included in inventoriable costs, the method being used is






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To discourage producing for inventory, management can ________.






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Three major influences on pricing decisions are ________.






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For setting long-term prices, a company should ideally use full product costs. Full product costs for pricing purposes typically should






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In summary form, the steps, in sequence, for implementing target pricing and target costing are