Question 1

The budget process involves doing all the following except:

Accepted Answer

A)  establishing specific goals 
B)  executing plans to achieve the goals 
C)  periodically comparing actual results with the goals 
D)  dismissing all managers who fail to achieve operational goals specified in the budget 
A)  establishing specific goals 
B)  executing plans to achieve the goals 
C)  periodically comparing actual results with the goals 
D)  dismissing all managers who fail to achieve operational goals specified in the budget

Question 2

The budget that needs to be completed first when preparing the master budget is the:

Accepted Answer

A)  Production Budget 
B)  Sales Budget 
C)  Cash Budget 
D)  Capital Expenditures Budget 
A)  Production Budget 
B)  Sales Budget 
C)  Cash Budget 
D)  Capital Expenditures Budget

Question 3

The cash budget summarizes future plans for acquisition of fixed assets.

Accepted Answer

A) True 
 B)False

Question 4

The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2012 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is?

Accepted Answer

A)  $1,255,000 
B)  $2,335,000 
C)  $2,785,000 
D)  $3100,000 
A)  $1,255,000 
B)  $2,335,000 
C)  $2,785,000 
D)  $3100,000

Question 5

Production estimates for July are as follows:   For each unit produced, the direct materials requirements are as follows:
  The total direct materials purchases of materials A and B (assuming no beginning or ending material inventory) required for July production is:

Accepted Answer

A)  $1,080,000 for A; $648,000 for B 
B)  $1,080,000 for A; $1,296,000 for B 
C)  $1,170,000 for A; $702,000 for B 
D)  $1,125,000 for A; $675,000 for B 
A)  $1,080,000 for A; $648,000 for B 
B)  $1,080,000 for A; $1,296,000 for B 
C)  $1,170,000 for A; $702,000 for B 
D)  $1,125,000 for A; $675,000 for B

The budget process involves doing all the following except:

The budget that needs to be completed first when preparing the master budget is the:

The cash budget summarizes future plans for acquisition of fixed assets.

The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2012 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is?

Production estimates for July are as follows: For each unit produced, the direct materials requirements are as follows: The total direct materials purchases of materials A and B (assuming no beginning or ending material inventory) required for July production is:

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Cost Management for Just-In-Time Environments

Filters

Exam 21: Budgeting

The budget process involves doing all the following except:

The budget that needs to be completed first when preparing the master budget is the:

The cash budget summarizes future plans for acquisition of fixed assets.

The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2012 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is?

Production estimates for July are as follows: For each unit produced, the direct materials requirements are as follows: The total direct materials purchases of materials A and B (assuming no beginning or ending material inventory) required for July production is:

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Cost Management for Just-In-Time Environments

Filters