MULTIPLE CHOICE 2 points eack Please indicate your answer on the scantron 1) A favorable variance indicates that Aj budgeted costs are less than actual costs 8) actual revenues exceed budgeted revenues C) actual operating income is less than the budgeted amount D) budgeted contribution margin is more than the actual amount 2) The flexible budget contains A) budgeted amounts for actual output B) budgeted amounts for planned output C) actual costs for actual output D) actual costs for planned output 3) Which of the following items will be same for a flexible budget and a master budget A) total variable cost B) total fixed costs C) total contribution margin D) total revenues 4). An efficiency variance reflects the difference between A) actual input quantities used last period and current period B) an actual input quantity and a budgeted input quantity C) an actual input quantity used in a company and its main competitor's D) a standard input quantity in a company and its main competitor's 5) The fixed overhead cost variance can be further subdivided into the A) price variance and the efficiency variance B) spending variance and flexible-budget variance C) production-volume variance and the efficiency variance D) flexible-budget variance and the production-volume variance 6) Which of the following costs is inventoried when using variable costing? A) rent on factory building B) electricity consumed in manufacturing process C) sales commission paid on each sale D) advertising costs incurred for the product 7)is a method of inventory costing in which all variable manufacturing costs (direct indirect) are included as inventoriable costs and all fixed manufacturing costs are excludesd A) Variable costing B) Mixed costing C) Absorption costing D) Standard costing and 8) Which of the following costs will be treated as period costs under absorption costing? A) raw materials used in the production Pepper Cost Accounting Fall 2017