AE323 Quiz Bee

Which contemporary cost management technique describes as firm’s products and services exceeds customers’ expectation?

• TQM

• TOC

• ABC

• LCC

Which contemporary cost management technique describes as process of identifying and removing constraints in a system?

• TQM

• TOC

• ABC

• LCC

Which contemporary cost management technique focus on the improvement of the tracing of cost to products or to individual customers?

• TQM

• LCC

• ABC

• TOC

Which Identifies and monitor the costs of a product?

• TQM

• LCC

• ABC

• TOC

Which cost technique handles the increased variations?

• Mass customization

• Balance scorecard

• Ecommerce

• Target Cost

All of the following are considered operating budgets, except:

• Cash

• Materials

• Production

• Capital

The process of creating a formal plan and translating goals into a quantitative format is

• Process costing

• ABC

• Budgeting

• Variance analysis

Which of the following objectives is not a primary purpose of preparing a budget?

• To provide basis for comparison of actual performance

• To commuicate the company's plan throughout the entire business organization

• To control income and expenditures in a given period

• To make sure the company expands its operation

Sales Company expects to manufacture and sell 30,000 baskets in 2022 for P6 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. The company keeps no work-in-process inventory. What amount of sales revenue will be reported on 2022 budgeted income statement?

• 174,000

• 180,000

• 186,000

• 204,000

Materials Company desires to reduce its inventory of a particular raw materials by 40%. The inventory at the beginning of the budget period is 240,000 units, and the company plans to manufacture 168,000 units of the output. Each of these units require 2.5 units of raw materials. How much of the raw materials should be purchased during the budget period?

• 316,000

• 276,000

• 324,000

• 139,600