accounting 2 final
which of the following is a measure of a cost center manager's performance?
budget performance report
the production budget is used to prepare which of the following budgets
direct materials purchases, direct labor cost, and factory overhead cost
direct materials cost that varies with the units produced is an example. of a fixed cost of production
false
in horizontal analysis, the current year is normally used as the base year
false
the lean philosophy views inventory as a necessary buffer to protect against process problems
false
using vertical analysis of the income statement, a company's net income as a percentage of sales is 15% ; therefore, the cost of goods sold as a percentage of sales must be 85% t/f
false
inventory reduction is a principle
lean
one reason that a common-sized statement is a useful tool in financial analysis is that it enables the user to
make a better comparison of two companies of different sizes in the same industry
under a lean environment, employees have the responsibility and authority to
make decisions about operations, rather than waiting management
horizontal analysis is a technique for evaluating financial statement data
over a period of time
the operating budgets of a company include the
production budget
in job order costing, when goods that have been ordered are received, the receiving department personnel count the goods, inspect the goods, and complete a
receiving report
the first budget customarily prepared as part of an entity's master budget is the
sales budget
the ability of a business to pay its debts as they come due and to earn a reasonable net income is
solvency and profitability
cost systems meause, record, and report product costs
true
lead time includes both value-added time and non-value-added time
true
lean manufacturing focuses on reducing time, cost, and poor quality in processes
true
managerial accounting information includes both historical and estimated data
true
perpetual inventory controlling accounts and subsidiary ledgers are maintained for materials, work in process, and finished goods in job order costing
true
the fixed cost per unit varies with changes in the level of activity
true
compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290
384,200
which of the following budgets is directly associated with the production budget -direct materials purchases budget -sales budget -direct labor cost budget -all of these
all of these choices
A variant of fiscal-year budgeting whereby a 12-month projection into the future is maintained at all times is termed
continuous budgeting