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A company develops computer software programs to meet each client's specific requirements. The management accountant is considering introducing a standard costing system.

Which THREE of the following are reasons that support the case for the company's introduction of a standard costing system?

Options:

It will enable the company to make a direct comparison of costs for each program developed.

It will enable the company to better focus on the quality of its service.

It will provide a system of control.

It will aid the budget setting process.

It will simplify the work-in-progress valuation.

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Question 2

In a manufacturing company, breakeven occurs at which TWO of the following?

Options:

When contribution is equal to zero

When profit is equal to zero

When revenue is equal to contribution

When revenue is equal to fixed costs

When fixed costs are equal to contribution

Question 3

A company manufactures a single product. The cost card for a unit of this product is as follows:

During month 6, finished goods inventory increased by 350 units.

By how much would the profit differ in month 6 if finished goods inventory was valued at standard marginal cost rather than standard absorption cost?

Options:

$1,050 lower

$1,050 higher

$2,450 lower

$2,450 higher

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Management Accounting Questions and Answers

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