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ACCY 200 EXAM UIUC ACTUAL EXAM QUESTIONS AND DETAILED CORRECT ANSWERS | A+ STUDY GUIDE
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ACCY 200 EXAM UIUC ACTUAL EXAM QUESTIONS AND DETAILED CORRECT ANSWERS | A+ STUDY GUIDE
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ACCY 200 EXAM UIUC ACTUAL EXAM2024-2025 QUESTIONS AND DETAILED
CORRECT ANSWERS | A+ STUDY GUIDE
When a manufacturing firm has a highly automated plant,
the most probable basis for applying manufacturing
overhead costs to units produced would be:
A) Units produced.
B) Machine hours.
C) Direct labor cost.
D) Material cost.
E) Direct labor hours. Correct Answer machine hours
Overapplied overhead would result when:
A) Overhead costs budgeted for the period exceeds
actual overhead cost incurred.
B) Actual overhead costs incurred exceed overhead
applied to production.
C) Overhead applied to production exceeds actual
overhead costs incurred.
D) The plant operated at fewer hours than were
budgeted.
E) None of the above. Correct Answer overhead applied
to production exceeds actual overhead costs incurred
Which of the following is not a benefit of budgeting?
A) Budgeting provides benchmarks against which
performance can be measured.
, B) Budgeting forces managers to concentrate on planning
and to formalize their planning efforts.
C) Budgeting helps managers build favorable variances
into the performance evaluation process.
D) Budgeting requires different functional areas of the firm
to communicate and coordinate activities.
E) All of the above are benefits of budgeting. Correct
Answer Budgeting helps managers build favorable
variances into the performance evaluation process.
When costs are classified according to a time horizon
perspective:
A) All costs are noncontrollable.
B) Costs are labeled direct or indirect.
C) The focus is on differential costs.
D) Costs are labeled committed or discretionary.
E) All costs are controllable. Correct Answer costs are
labeled committed or discretionary
The cash budget is prepared:
A) Concurrently with the sales forecast.
B) Based upon the purchases/production budget.
C) After the budgeted income statement.
D) From the budgeted balance sheet.
E) Independently from the other budgets. Correct Answer
after the budgeted income statement
The key data element on which the entire budget is based
is the:
A) Sales/revenue budget.
B) Production budget.
, C) Income statement budget.
D) Cash budget.
E) Budgeted balance sheet. Correct Answer
sales/revenue budget
Which of the following is the last budgeted financial
statement to be prepared?
A) Budgeted income statement.
B) Budgeted balance sheet.
C) Cash budget.
D) It doesn't matter which one is prepared last.
E) None of the above. Correct Answer budgeted balance
sheet
Operating expenses are best budgeted on the basis of
knowledge about:
A) Cost behavior patterns.
B) Relevant range.
C) Prior period actual expenses.
D) Prior period budget amounts.
E) Current period budget amounts. Correct Answer cost
behavior patterns
The amount of production to budget would be calculated
as:
A) BI + sales - EI
B) EI + sales - BI
C) EI + BI - sales
D) Sales - BI + purchases
E) Sales - purchases Correct Answer ending inventory +
sales - beginning inventory
, A continuous budget:
A) Is used only in manufacturing firms.
B) Is a budget that is computer generated and is based
on last year's actual results.
C) Is a budget that is revised monthly by adding a new
month at the end of the 12-month budget period.
D) Requires adjustments on a daily basis.
E) None of the above Correct Answer Is a budget that is
revised monthly by adding a new month at the end of the
12-month budget period.
A standard cost:
A) Is a budget for a single unit of product.
B) Is used for product costing purposes.
C) Identifies the price and quantity of production
resources that should be incurred to produce each unit of
product.
D) Can be used by manufacturing firms and service
organizations.
E) All of the above. Correct Answer All of the above
Attainable standards, as compared to ideal standards:
A) Do not allow for operating inefficiencies.
B) Are more likely to elicit employee enthusiasm.
C) Are more difficult to adjust for changes in worker
efficiency.
D) Are more difficult to achieve.
E) All of the above. Correct Answer Are more likely to
elicit employee enthusiasm
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