Homework Answers
Option 'D' is correct.
A Static budget is a projection of budget data at one level of activity
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A static budget is one that is geared to the most profitable level of activity for...
Question 10 (1 point) A static budget report a) is appropriate in evaluating a manager's effectiveness...
Question 10 (1 point) A static budget report a) is appropriate in evaluating a manager's effectiveness in controlling variable costs. b) may be appropriate in evaluating a manager's effectiveness in controlling costs when the behavior of the costs in response to changes in activity is fixed. U shows costs at only 2 or 3 different levels of activity, d) should be used when the actual level of activity is materially different from the master budget activity level.
A static budget is one that Is based on the actual sales volume achieved during the...
A static budget is one that Is based on the actual sales volume achieved during the period. Is developed for a single level of expected output. Is one component of the operating budget. Is always used to compare with the actual results. Materiality can be measured in terms of Absolute dollars. Relative percentages. Both absolute dollars and relative percentages. Neither absolute dollars or relative percentages. The flexible budget variance is the difference between The static budget and the flexible budget....
ALL TRUE OR FALSE QUESTIONS: A) Differences between the static planning budget and the flexible budget...
ALL TRUE OR FALSE QUESTIONS: A) Differences between the static planning budget and the flexible budget show what should have happened because the actual level of activity differed from what had been planned. B) Fixed costs should not be included in a flexible budget because they do not change when the level of activity changes. C) An activity variance is the difference between an actual revenue or cost and the revenue or cost in the flexible budget that is adjusted...
Hoppy Corporation compares a monthly flexible budget based on actual operating results to a static planning...
Hoppy Corporation compares a monthly flexible budget based on actual operating results to a static planning budget prepared at the beginning of the month. When the actual level of activity is higher than expected, which of the following would typically be expected? Variable costs would show unfavorable variances O Varíable costs would show favorable variances O Fixed costs would show favorable varlances Fixed costs would show unfavorable variances. None of the above. Cosden Corporation is an oil well service company...
15. A flexible budget is actually a series of budgets for varying levels of activity. A....
15. A flexible budget is actually a series of budgets for varying levels of activity. A. True. B. False. 16. Which of the following budgets is used most frequently for administrative functions. A. Zero-based budget. B. Flexible budget. C. Static budget. D. Capital expenditures budget. 17. The operating budget brings together the projection of all profit-making phases of a company A. True. B. False. 18. A method of budgeting which maintains a twelve-month projection into the future is called: A....
Static budgets are suitable for planning if the actual level of activity during the period does...
Static budgets are suitable for planning if the actual level of activity during the period does not significantly diffe Select one: True False
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget b...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
A master budget: Question 1 options: presents the plan for only one level of activity and does not adjust to change...
A master budget: Question 1 options: presents the plan for only one level of activity and does not adjust to changes in the level of activity. drops the current month or quarter and adds a future month or quarter as the current month or quarter is completed. presents the plan for a range of activity so that the plan can be adjusted for changes in activity levels. presents a statement of expectations for a period of time but does not...
Katie's Creations, Inc. produces leather purses. Katie's controller has developed a static budget for the third...
Katie's Creations, Inc. produces leather purses. Katie's controller has developed a static budget for the third quarter, based on 20,000 direct labor hours. During the third quarter of 2019, the actual activity was 22,000 direct labor hours. Data for the third quarter are summarized as follows: Actual costs (22,000 hours) Static budget (20,000 hours) $ 80,000 160,000 Direct materials cost $ 87,000 174,000 Direct labor cost Building rental 48.000 50.000 Total $288,000 $311,000 What is the Katie's flexible budget variance...
Exercise 16-24 (Static) Flexible Budget (LO 16-2) Use the given data shown in the graph. Required:...
Exercise 16-24 (Static) Flexible Budget (LO 16-2)
Use the given data shown in the graph.
Required:
a. What is the budgeted fixed cost per
period?
b. What is the budgeted variable cost per
unit?
c. What is the value of F (that is,
the flexible budget for an activity level of 8,000 units)?
d. What is the flexible budget cost amount if
the actual activity had been 16,000 units?
a.
Budgeted fixed cost
b.
Budgeted variable cost
per unit
c....
Question 10 (1 point) A static budget report a) is appropriate in evaluating a manager's effectiveness in controlling variable costs. b) may be appropriate in evaluating a manager's effectiveness in controlling costs when the behavior of the costs in response to changes in activity is fixed. U shows costs at only 2 or 3 different levels of activity, d) should be used when the actual level of activity is materially different from the master budget activity level.
Hoppy Corporation compares a monthly flexible budget based on actual operating results to a static planning budget prepared at the beginning of the month. When the actual level of activity is higher than expected, which of the following would typically be expected? Variable costs would show unfavorable variances O Varíable costs would show favorable variances O Fixed costs would show favorable varlances Fixed costs would show unfavorable variances. None of the above. Cosden Corporation is an oil well service company...
15. A flexible budget is actually a series of budgets for varying levels of activity. A. True. B. False. 16. Which of the following budgets is used most frequently for administrative functions. A. Zero-based budget. B. Flexible budget. C. Static budget. D. Capital expenditures budget. 17. The operating budget brings together the projection of all profit-making phases of a company A. True. B. False. 18. A method of budgeting which maintains a twelve-month projection into the future is called: A....
Static budgets are suitable for planning if the actual level of activity during the period does not significantly diffe Select one: True False
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
Katie's Creations, Inc. produces leather purses. Katie's controller has developed a static budget for the third quarter, based on 20,000 direct labor hours. During the third quarter of 2019, the actual activity was 22,000 direct labor hours. Data for the third quarter are summarized as follows: Actual costs (22,000 hours) Static budget (20,000 hours) $ 80,000 160,000 Direct materials cost $ 87,000 174,000 Direct labor cost Building rental 48.000 50.000 Total $288,000 $311,000 What is the Katie's flexible budget variance...
Exercise 16-24 (Static) Flexible Budget (LO 16-2)
Use the given data shown in the graph.
Required:
a. What is the budgeted fixed cost per
period?
b. What is the budgeted variable cost per
unit?
c. What is the value of F (that is,
the flexible budget for an activity level of 8,000 units)?
d. What is the flexible budget cost amount if
the actual activity had been 16,000 units?
a.
Budgeted fixed cost
b.
Budgeted variable cost
per unit
c....
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