Wgu C253 Advanced Managerial Accounting, Exam Questions And Answers, Rated A+. Verified 2024 | 24 Pages

Process costing {Ans: A costing method used when homogeneous products are produced on a continuous basis.}Overhead application {Ans: The process of assigning overhead cost to specific jobs.}Standard quantity allowed {Ans: The amount of direct materials that should have been used to complete the period's actual output. It is computed by multiplying the actual number of units produced by the standard quantity per unit.}Net present value {Ans: The difference between the present value of an investment project's cash inflows and the present value of its cash outflows.}Discretionary fixed costs {Ans: Those fixed costs that arise from annual decisions by management to spend on certain fixed cost items, such as advertising and research.}Self-imposed budget {Ans: A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement.}Bill of materials {Ans: A document that shows the quantity of each type of direct material required to make a product.}Administrative costs {Ans: All executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling.}Benchmarking {Ans: A systematic approach to identifying the activities