Question :
149.In Zero Company’s income statement, they report actual gross profit : 1311908
149.In Zero Company’s income statement, they report actual gross profit of $52,500 and the following variances:
Materials price $ 420F
Materials quantity600F
Labor price420U
Labor quantity 1,000F
Overhead900F
Zero would report gross profit at standard of
a.$46,660.
b.$47,500.
c.$55,000.
d.$53,340.
150.The balanced scorecard
a.incorporates financial and nonfinancial measures in an integrated system.
b.is based on financial measures.
c.is based on nonfinancial measures.
d.does not use financial or nonfinancial measures.
151.Which is not one of the four most commonly used perspectives on a balanced scorecard?
a.The financial perspective
b.The customer perspective
c.The external process perspective
d.The learning and growth perspective
152.The balanced scorecard approach
a.uses only financial measures to evaluate performance.
b.uses rather vague, open statements when setting objectives in order to allow managers and employees flexibility.
c.normally sets the financial objectives first, and then sets the objectives in the other perspectives to accomplish the financial objectives.
d.evaluates performance using about 10 different perspectives in order to effectively incorporate all areas of the organization.
153.The customer perspective of the balanced scorecard approach
a.is the most traditional view of the company.
b.evaluates the internal operating processes critical to the success of the organization.
c.evaluates how well the company develops and retains its employees.
d.evaluates the company from the viewpoint of those people who buy its products or services.
154. The perspectives included in the balanced scorecard approach include all of the following except the
a.internal process perspective.
b.capacity utilization perspective.
c.learning and growth perspective.
d.customer perspective.
a155.If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is
a.Raw Materials Inventory………………………..9,300
Accounts Payable…………………………………….9,300
b.Work In Process Inventory……………………….9,300
Accounts Payable…………………………………….9,000
Materials Quantity Variance……………………………..300
c.Raw Materials Inventory………………………..9,300
Accounts Payable…………………………………….9,000
Materials Price Variance………………………………..300
d.Raw Materials Inventory………………………..9,000
Materials Price Variance………………………………..300
Accounts Payable…………………………………….9,300
a 156.Debit balances in variance accounts represent
a.unfavorable variances.
b.favorable variances.
c.favorable for price variances; unfavorable for quantity variances.
d.favorable for quantity variances; unfavorable for price variances.
a 157.If a company purchases raw materials on account for $19,830 when the standard cost is $18,900, it will
a.debit Materials Price Variance for $930.
b.credit Materials Price Variance for $930.
c.debit Materials Quantity Variance for $930.
d.credit Material Quantity Variance for $930.
a158.If a company issues raw materials to production at a cost of $18,900 when the standard cost is $18,300, it will
a.debit Materials Price Variance for $600.
b.credit Materials Price Variance for $600.
c.debit Materials Quantity Variance for $600.
d.credit Material Quantity Variance for $600.
a
