Question

24) Four steps are necessary in preparing a production cost reports 1. Compute output in terms of equivalent units of production 2. Assign costs to units completed and units in process 3. Summarize the flow of physical units 4. Compute the cost per equivalent unit of production Place these steps in the correct order. A) 1,3,2,4 B) 3, 1, 4,2 C) 2, 1, 4,3 D) 4, 2, 1,3 Chapter 22 25) The budget process is a loop that consists of A) planning, directing, and controlling B) developing strategies, planning, directing, and controlling C) developing strategies, planning, and directing D) developing strategies, directing, and controlling 26) Which of the following is an example of the planning function of the budgeting process? A) A budget demands integrated input from different business units and functions. B) Employees are motivated to achieve the goals set by the budget. C) Budget figures are used to evaluate the performance of managers. D) The budget outlines a specific course of action for the coming period. 27) The budgeting process A) usually begins about one month before the beginning of the budget period to allow for more cur information to be considered B) does not need input from all levels because it is the role of management to control costs and mee revenue goals C) requires significant coordination among the company's various business segments D) is standard among all types of companies 28) The practice of comparing a company with its prior performance or with best practices fror companies is called A) benchmarking B) competitive analysis C) differentiation analysis D) budgeting 29) Which of the following is NOT a benefit of benchmarking? A) It helps companies determine where they can improve. B) It does not help management highlight company problems. C) It can be used to compare a company's budgets to other leading companies through the us industry averages. D) It helps companies develop budgets to assist in meeting performance goals.

Answer 1

24) Ans : ( B) 3,1,4,2

Explanation:

1) The four steps to complete a production cost report are:

2) Summarize the flow of physical units..

compute the total units that needs to be accounted for.

3) Compute output in terms of  the equivalent units of production.

4) Compute the cost per equivalent unit of production.

5) Assign cost to units completed and units in process.