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Free CMA Exam Braindumps (page: 117)

Page 117 of 336
PDF with 1336 Questions
View Related Case Study

The following data were collected from the records of the shipping department of a company:



The cost of shipping supplies is most likely to be a

  1. Variable cost.
  2. Fixed cost.
  3. Step cost.
  4. Semi-fixed cost.

Answer(s): A

Explanation:

Variable costs are constant per unit but fluctuate in total with activity or volume (the rate of use of capacity). The cost per unit for shipping supplies is relatively constant at about $5, so this cost is variable.



View Related Case Study

Assuming all manufacturing costs for finished goods are known1 which of the following statements explains why the accountant's unit cost used in inventory valuation for the annual financial statements would differ from the economist's marginal unit cost?

  1. The company used LIEO or EIEO assumptions to compute inventory cost.
  2. Accounting information that is based on historical manufacturing costs ignores current cost trends.
  3. The economist's definition of marginal cost excludes a provision for profit per unit.
  4. The manufacturing cost per unit reflected in financial statements includes fixed costs.

Answer(s): D

Explanation:

The economist's marginal cost equals the cost to produce one additional unit no fixed costs are included in the computation. It is the equivalent of the accountants unit variable cost, which is an incremental unit cost. However, the accountant's unit cost for financial statement purposes includes an allocation of fixed costs.



View Related Case Study

A manufacturing firm planned to manufacture and sell 100,000 units of product during the year at a variable cost per unit of $4.00 and a fixed cost per unit of $2.00. The firm fell short of its goal and only manufactured 80,000 units at a total incurred cost of $515,000. The firm's manufacturing cost variance was

  1. $85,000 favorable.
  2. $35,000 unfavorable.
  3. $5,000 favorable.
  4. $5,000 unfavorable.

Answer(s): C

Explanation:

The company planned to produce 100,000 units at $6 each ($4 variable + $2 fixed cost), or a total of $600,000, consisting of $400000 of variable costs and $200,000 of fixed costs. Total production was only 80,000 units at a total cost of $515,000. The flexible budget for a production level of 80,000 units includes variable costs of $320,000 ($4 x 80,000 units). Fixed costs would remain at $200,000. Thus, the total flexible budget costs are $520,000. Given that actual costs were only $515,000, the variance is $5,000 favorable.



View Related Case Study

The relevance of a particular revenue to a decision is determined by

  1. Riskiness of the decision.
  2. Number of decision variables.
  3. Amount of the revenue.
  4. Potential effect of the decision.

Answer(s): D

Explanation:

Relevance is the capacity of information to make a difference in a decision by helping users of that information to predict the outcomes of events or to confirm or correct prior expectations. Thus, relevant revenues are those expected future revenues that vary with the action taken.



Page 117 of 336



Post your Comments and Discuss Financial CMA exam with other Community members:

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