A Revision of Management Accounting Topics Flashcards
1
Q
Which type of standard allows for material losses and fatigue, but are based upon efficient but not perfect operating conditions?
A
Attainable standards
2
Q
Which type of standard remains unchanged over a period of years?
A
Basic standards
3
Q
Which type of standard is based on current working conditions?
A
Current standards
4
Q
Which type of standard is based upon perfect operating conditions?
A
Ideal standards
5
Q
Which two types of budget are prepared before the beginning of a budget period?
A
Fixed and flexible budgets
6
Q
Which type of budget is prepared at the end of a budget period?
A
Flexed budget
