Accounting : ACC650 Grand Canyon Mod 4 Budgeting & Performance Measures Quiz

Module 4 Budgeting and Performance Measures Review1. A formal budget program will almost always result in:a.higher sales.more cash inflows than cash outflows.b.decreased expenses.improved profits.a detailed plan against which actual results can be compared.2. Darling Company, which applies overhead to production on the basis of machine hours,reported the following data for the period just ended:Actual units produced: 12,000Actual variable overhead incurred: $730,000Actual machine hours worked: 60,000Budgeted fixed overhead $72,000Planned level of machine-hour activity 50,000If Darling estimates four hours to manufacture a completed unit, the company's standardfixed overhead rate per machine hour would be:a.$12.00.$14.40.$14.60.$15.00.some other amount.Standard fixed overhead rate per machine hour = Budgeted fixed overhead/Planned levelof machine hour activity $720,000/50,000 machine hours $14.40 per machine hour3. Wilson Corporation is budgeting its equipment needs on an ongoing basis, with a newquarter being added to the budget as the current quarter is completed. This type of budgetis most commonly known as a:a.capital budget.rolling budget.revised budget.pro-forma budget.financial budget.4. Bird plans to sell 5,000 units each quarter next year. During the first two quarters eachunit will sell for $12; during the last two quarters the sales price will increase $1.50 perunit. What is Bird's estimated sales revenue for nex ...


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