8. The Smart CPA firm held an End of Tax Season party. The company expected attendance...

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8. The Smart CPA firm held an End of Tax Season party. Thecompany expected attendance of 75 people and prepared the followingbudget:
Hotel room rental $600
Food 1,000
Entertainment 750
Decorations 250
Total Costs $2,600
Seventy five people attended the party. The following costs wereincurred:
Hotel room rental $600
Food 1,150
Entertainment 750
Decorations 350
Total Costs $2,850
What is the variance for total costs?
A) $300 Unfavorable
B) $300 Favorable
C) $250 Favorable
D) $250 Unfavorable
9. The various stages through which a product passes are calledthe .
A) product life cycle
B) value chain
C) performance plan
D) product performance plan
10. Research and development is the function of a value chainthat involves .
A) the detailed design and engineering of products, services orprocesses
B) the generation of ideas related to new products only
C) the generation of ideas related to new products, services orprocesses
D) the detailed design and engineering of new processes
11. Which of the following is a major factor causing changes inmanagement accounting today?
A) additional value chain functions
B) small advances in technology
C) increased global competition
D) shift to manufacturing-based economy

Answer & Explanation Solved by verified expert

4.0 Ratings (415 Votes)

8) Variance for Total Cost = Actual Total Cost - Budgeted Total Cost

= 2850 -2600

= 250 (UF)

Answer D) $250 Unfavorable

9. The various stages through which a product passes are called the

Answer A) product life cycle

10. Research and development is the function of a value chain that involves

Answer A) the detailed design and engineering of products, services or processes

11. Which of the following is a major factor causing changes in management accounting today?

Answer C) increased global competition

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Transcribed Image Text

8. The Smart CPA firm held an End of Tax Season party. Thecompany expected attendance of 75 people and prepared the followingbudget:Hotel room rental $600Food 1,000Entertainment 750Decorations 250Total Costs $2,600Seventy five people attended the party. The following costs wereincurred:Hotel room rental $600Food 1,150Entertainment 750Decorations 350Total Costs $2,850What is the variance for total costs?A) $300 UnfavorableB) $300 FavorableC) $250 FavorableD) $250 Unfavorable9. The various stages through which a product passes are calledthe ________.A) product life cycleB) value chainC) performance planD) product performance plan10. Research and development is the function of a value chainthat involves ________.A) the detailed design and engineering of products, services orprocessesB) the generation of ideas related to new products onlyC) the generation of ideas related to new products, services orprocessesD) the detailed design and engineering of new processes11. Which of the following is a major factor causing changes inmanagement accounting today?A) additional value chain functionsB) small advances in technologyC) increased global competitionD) shift to manufacturing-based economy