MANAGERIAL ACCOUNTING EXAM 3 WITH CORRECT AND VERIFIED ANSWERS YEAR 2024/2025

MANAGERIAL ACCOUNTING EXAM 3 WITH CORRECT
AND VERIFIED ANSWERS YEAR 2024/2025


Production Budget - verified answers-Prepared before the sales
budget in the budgeting process.

Sales Forecasts - verified answers-Generated after the
completion of the cash budget to determine available funds for
marketing.

Planning vs. Control - verified answers-Distinct concepts, not
synonymous in managerial accounting.

Master Budget - verified answers-Aggregation of
interconnected individual budgets in an organization.

Revenue Variance - verified answers-Favorable if static
planning budget revenue exceeds flexible budget revenue.

Activity Variance - verified answers-Arises from differences in
planned vs. actual activity levels in budgets.

Revenue & Spending Variances - verified answers-
Discrepancies between static planning budget and actual
results.

Material Usage Responsibility - verified answers-Primarily falls
on the production department to align with standards.

Standard Quantity for Direct Materials - verified answers-
Should exclude waste in the calculation.

Materials Price Variance - verified answers-Favorable if actual
price is lower than the standard price.