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21) _____ is the logical integration of management accounting tools to gather and report data and to evaluate performance.

A.   An internal control system B.   A quality control system

C.   A financial-reporting system D.   A management control system


22) _____ are components of a master budget.

A.   A strategic plan and an operating budget B.   An operating budget and a capital budget

C.   A continuous budget and a static budget D.   A cash budget and an activity budget


23) An important factor considered by sales forecasters is _____.

A.   production employee requirements. B.   expectations of the board of directors.

C.   competitors’ activities. D.   the desired level of sales.


24) _____ models are mathematical models of the master budget that can react to any set of assumptions about sales, costs, and product mix.

A.   Variance analysis B.   Financial planning C.   Accounting D.   Futuring


25) Which of the following is an objective of budgeting?

A.   Budgeting provides benchmarks against which performance can be measured. B.   Budgeting provides a fixed fiscal plan that should not be changed during the year. C.   Budgeting helps managers build favorable variances into the performance-evaluation process.

D.   Budgeting is done exclusively by the chief fiscal officer for control purposes.


26) An organizations budget program should be used

A.   to have power over employees. B.   to assign blame to managers that do not meet budgetary goals. C.   to help managers plan and control the organization’s performance. D.   to help the chief fiscal officer to allocate resources to the favored projects of the executives.


27) The activity-based costing may reveal _________, whereas traditional costing cannot.

A.   high-volume products are overcosted B.   low-volume products are overcosted C.   both high- and low-volume products are overcosted D.   both high- and low-volume products are undercosted


28) _____ is a method of approximating cost functions.

A.   Cost-driver analysis B.   Transaction analysis C.   Product analysis D.   Account analysis


29) In relation to a cost function, the term reliability refers to _____.

A.   whether the costs and activities can be easily observed  B.   whether the cost function conforms to a given mathematical model

C. how well the cost function predicts future costs

D.   how well the cost function explains past cost behavior


30) One of the simplest methods to measure a linear cost function from past data is the _____.

A.   regression analysis method B.   high–low method C.   least squares regression method

D.   visual-fit method

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