Reference no: EM132530463

Question 1: A standard cost is prepared for the production of one unit of product or service.

Select one:

True

False

Question 2: Contribution is the difference between sales value and variable costs.

Select one:

True

False

Question 3: In absorption costing, all manufacturing costs including the fixed and variable overheads are assigned to the product.

Select one:

True

False

Question 4: When the actual cost is less than the standard cost, an adverse variance (A) occurs.

Select one:

True

False

Question 5: Master budget is a complete and quantified set of future business plans, broken down into specific requirements.

Select one:

True

False