1Responsibility accounting performance reports capture the financial performance of cost, revenue and profit centers.
2The difference between actual results and budgeted amounts is called a variance.
3Cost center performance reports typically focus on the static budget variance.
4Management by perception is used to determine which variances to investigate.
5Revenue center performance reports often highlight both the flexible budget variance and the sales volume variance.
6Which of the following responsibility centers use a performance report that compares only actual revenues and budgeted revenues?
A. Cost center
B. Revenue center
C. Investment center
D. All of the above
7What is it called when managers look at the size of the variances between actual results and budgeted amounts in order to determine which variances should be investigated?
A. Management by variance
B. Management by budget
C. Management by exception
D. Management by decision
8The difference in dollars between amounts in the static budget and the flexible budget is called the:
A. flexible budget variance.
B. sales volume variance.
C. static budget variance.
D. actual variance.
9The difference between amounts in the static budget and the flexible budget for a revenue center is caused by which of the following?
A. The cost of sales
B. The selling price per unit
C. The number of units sold differs from planned sales levels
D. Both the selling price and the number of units sold
10What is the cause of a favorable sales volume variance for revenues?
A. Actual net income for the subunit is greater than budgeted net income.
B. Actual sales in dollars are greater than the master budget sales in dollars.
C. Actual sales in dollars are less than the static budget sales in dollars.
D. The flexible budget sales in dollars are greater than the static budget sales in dollars.
11The performance evaluation of cost centers is typically based on which of the following?
A. Sales volume variance
C. Flexible budget variance
D. Static budget variance
12The performance evaluation of a cost center is typically based on its:
A. static budget variance.
B. flexible budget variance.
C. return on investment.
D. sales volume variance.
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