Fill in the Blanks: Chapter Twenty-Two
1. A ____________ cost center is a responsibility unit in which a manager is held accountable for cost incurrence.
2. An ____________investment center is the most complex of the responsibility centers.
3. To measure the success or failure of an investment center manager, many companies employ a measure known as ____________return on investment.
4. A ____________performance report furnishes management with feedback of operating results and is used for purposes of evaluation and control.
5. A process whereby performance assessment and corrective measures focus on what has gone wrong: ____________management by exception.
7. A ____________standard is the expected quantity or cost of input required in producing a good or service.
8. A ____________standard cost sheet reveals the standard quantity and price of the production components necessary to produce a single unit of output.
9. An ____________achievable standard is one that can be achieved by efficient but not perfect operations.
10. The computation and examination of variances is consistent with the concept of management by ____________exception.
11. The ____________ standard quantityis the amount of input that should have been used in manufacturing activities during the period.
12. The ____________ labor ratevariance for labor is computed in much the same manner as the material price variance for materials.
13. By comparing the actual labor hours at standard prices to the standard labor requirements at standard prices, one is able to compute the labor ____________efficiency variance.
15. A ____________balanced scorecard focuses on financial and nonfinancial performance aspects, identifying key metrics that are consistent with the overall entity objectives.