A standard costing system is most often used by a firm in conjunctionwitha. management by objectivesb. target rates of returnc. participative management programsd. flexible budgets

Correct Answer:d. flexible budgets Explanation:A standard costing system is a cost accounting method…

Answered: A standard costing system is most often…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter7: Variable Costing For Management analysis

Section: Chapter Questions

Problem 7DQ: Discuss how financial data prepared on the basis of variable costing can assist management in the...

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Similar questions

Explain the components of the total cost equation and describe how each of the components can be used by management for decision-making.
Matching Question: Match the following cost accounting objectives with their corresponding descriptions: A) Cost Control and Reduction B) Budgeting and Planning C) Performance Evaluation 1. Involves comparing actual costs with budgeted costs to assess efficiency. • Answer: 2. Focuses on implementing strategies to manage and minimize costs. • Answer: 3. Provides precise cost estimates for various activities, aiding in effective planning. • Answer: Match each objective with its appropriate description: A)..... B) C)
Standard cost systems facilitate the management practice known as A) management development.B) management by exception.C) just-in-time management.D) managing by the numbers.
Estimating costs requires information • analysis, interpretation, decision-making • measurement, creation of data, negotiation • utilization, historical trends, fixed costs • projection, estimation, monitoring Cost structures are used by managers in __________. Group of answer choices planning, control, decision making activity-based costing, relative value unit method, variable cost rating estimating, forecasting, projecting allocating, averaging costs, performance testing Costs that are unique to a particular department, and would disappear if the department was abolished are known as ____. Group of answer choices indirect costs fixed costs direct costs variable As a manager you must consider _______. Group of answer choices benefits vs. costs benefits vs. overhead benefits vs. cost drivers benefits vs. time Even though fixed costs remain the constant, total costs will _______. Group of answer choices vary based on total fixed costs never vary vary based on volume always be more than…
. It is an important use of managerial accounting a. determine direct cost by adding direct materials b. understand customer orientation c. recast budgeted statements according to a situation d. change variables of risk internally and externally
Want. general account solution.
Managers in which of the following responsibility centers are held responsible forprofits? (You may select more than one answer.)a. Revenue centersb. Cost centersc. Profit centersd. Investment centers
General administration and top management costs would MOST likely be classified as a Select one: a.Customer-sustaining cost. b.Distribution-channel cost. c.Corporate-sustaining cost. d.Customer batch-level cost. e. Customer output unit-level cost.
Which of the following is a measure of a cost center manager's performance? Oa. return on investment and residual income measures Ob. balance sheet Oc. budget performance report Od. divisional income statements
With the aid of relevant examples ,explainthe following management accounting concepts A.theory of constraints B.total quality management C. Just in time
Financial and cost accounting are both highly concerned witha. Preparing budgetsb. Determining product costc. Determining performance standards.d. Providing managers with information necessary for control purposes.
Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb. cost-volume-profit analysisc. standard costingd. all of the above

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A standard costing system is most often used by a firm in conjunction with a. management by objectives b. target rates of return c. participative management programs d. flexible budgets