Question : MULTIPLE CHOICE. Choose the one alternative that best completes the : 1196266

Accounting

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 26) A variance is considered to be 26) ______ A) the difference between an actual result and a budget amount. B) the gap between an actual result and a benchmark amount. C) the required number of inputs for one standard output. D) a standard. E) the difference between a budgeted amount and a standard amount. 27) The type of budget that is based on one level of output, without adjustment for any operational or financial changes is called 27) ______ A) a balanced budget. B) a static budget. C) a cost budget. D) a standard budget. E) a flexible budget. 28) ________ is a carefully predetermined amount usually expressed on a per-unit basis. 28) ______ A) A flexible budget B) Fixed factory overhead C) A standard D) Variable marketing overhead E) A static budget 29) A budget that is adjusted in accordance with changes in actual output is called 29) ______ A) a flexible budget. B) a cost budget. C) a trial balance budget. D) a balanced budget. E) a static budget 30) Some financial variances show increases in operating income relative to a budgeted or allocated amount, and others show decreases in operating income. Respectively, these variances are 30) ______ A) budgeted, standard. B) unfavourable, favourable. C) standard, budgeted. D) favourable, unfavourable. E) fixed, variable. 31) All of the following are TRUE concerning standards, EXCEPT, 31) ______ A) represent the best expected level of performance. B) some organizations develop standards based on past results C) they are usually expressed on a per unit basis. D) they should only be developed after a careful study of the desired data E) they require time-motion studies by engineering to be reliable 32) General Insurance Company had a static budgeted operating income of $4.6 million; however, actual income was $3.0 million. What is the static budget variance of operating income? 32) ______ A) $1,000,000 unfavourable B) $1,600,000 unfavourable C) $1,600,000 favourable D) $3,000,000 favourable E) $1,000,000 favourable Use the information below to answer the following question(s).

Ames Golf Company used the following data to evaluate their current operating system. The company sells 1 pack of golf balls for $10 per pack. The $10 selling price is also the budgeted selling price.

BudgetedActual

Units Sold 1,000,000990,000

Variable Costs$3,000,000 $2,500,000

Fixed Costs $1,800,000 $1,850,000

33) What is the actual operating income for Ames Golf Company using the actual results? 33) ______ A) <$3,360,000> B) $5,200,000 C) $4,750,000 D) $5,970,000 E) $5,550,000 34) What is the budgeted operating income for Ames Golf Company? 34) ______ A) $7,000,000 B) $5,550,000 C) $5,200,000 D) $5,970,000 E) $4,750,000 35) What is the total static budget variance for Ames Golf Company? 35) ______ A) $400,000 favourable B) $450,000 unfavourable C) $650,000 favourable D) $390,000 unfavourable E) $350,000 favourable 36) A company uses a static budget approach and the previous management accountant calculated the following information: Fixed costs variance $10,000 U; revenues variance $400,000 F; contribution margin variance $60,000 F

Required: What is the Total static-budget variance ? 36) ______ A) $50,000 U B) $390,000 F C) $230,000 F D) $50,000 F E) $230,000 U 37) All of the following are considered to be steps in the preparation of a flexible budget EXCEPT

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July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.