f2 true false

The statement below is true or false?  "A standard cost is a predetermined estimated unit cost, used for inventory valuation and control"

• True

• False

Costs are up by 25% is an example of a quantitative performance measure. True or false?

• True

• False

1. Strategy is the aim or goal of an organization

• A. True

• B. False

1. Flexible budgets are normally prepared on an absorption cost basis.

• True

• False

1. The managers who set the budget or standards are often not the managers who are then made responsible for achieving budget targets. True or False?

• True

• False

1. If managers are involved in preparing a budget, poor attitudes or hostile behaviour towards the budgetary control system can begin at the planning stage. True or False?

• True

• False

The following statement about service costing is true or false? "The absence of a physical product makes it difficult to determine cost centres"

• True

• False

1. The following statement describes a feature of marginal costing. Is it true or false? "There is scope of the manipulation of profit by building inventory"

• True

• False

Taylor Co. absorbs overheads based on units produced. In one period, 23,000 units were produced, actual overheads were $276,000 and there was $46,000 under-absorption. From the data above, budgeted OAR was calculated as $12 per unit. Is this true or false?

• True

• False

1. A standard cost is a predetermined estimated unit cost, used for pricing decision.

• True

• False