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1) Management accountants generally plan for small positive cash balance in their cash budgets for all of given reasons except:

 

a) It gives for unexpected emergencies.

 

b) Keeping balance as small as possible is significant method to effectively manage cash.

 

c) It gives a safety buffer for variations from plan.

 

d) It gives funds in case of major capital expenditures

 

2) Labour efficiency has sometimes been incorrectly referred to in class as:

 

a) Materials quantity variance.

 

b) Total labour variance.

 

c) Labour quantity variance.

 

d) Labour rate variance.

 

e) (Standard material, plus standard labour, plus standard overhead) times controllable scrap rate.

 

3) Standard price and standard quantity of direct materials are separated because:

 

a) Generally direct materials prices are controlled by buying department, and quantity of direct materials used is controlled by production department.

 

b) GAAP reporting needs this separation.

 

c) Standard quantities are more difficult to evaluate than standard prices.

 

d) Standard prices change more frequently than standard quantities.

 

e) It is needed by matching principle.

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  • Category:- Accounting Basics
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