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Exam 6: Budgeting

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Question 101

True/False

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The financial budgets of a business include the cash budget, the budgeted income statement, and the budgeted balance sheet.

A) True
B) False

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Question 102

Multiple Choice

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Production and sales estimates for May for the Cardinal Co.are as follows: The number of units expected to be sold in May is

A) 21,000
B) 3,700
C) 22,800
D) 18,300

E) A) and B)
F) B) and C)

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Question 103

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A company's history indicates that 20% of its sales are for cash and the rest are on credit.Collections on credit sales are 20% in the month of the sale, 50% in the next month, 25% the following month, and 5% is uncollectible.Projected sales for December, January, and February are $60,000, $85,000, and $95,000, respectively.The February expected cash receipts from all current and prior credit sales is

A budget can be an effective means of communicating management's plans to the owners of a business.

What is the budgeted unit of production for February?

Budgeted production for product XXX during the month is

Which of the following budgets allow for adjustments in activity levels?

Total budgeted sales of both products for the year would be

Match each phrase that follows with the term a-f it describes.. -a plan that lists dollar amounts to be both spent on purchasing additional pant assets to carry out the budgeted business activities

An October sales forecast projects 7,000 units are going to be sold at a price of $11.50 per unit.The desired ending inventory in units is 15% higher than the beginning inventory of 1,000 units.Total October sales are anticipated to be

The first budget to be prepared is usually the production budget.

At the beginning of the period, the Cutting Department budgeted direct labor of $155,000, direct materials of $165,000, and fixed factory overhead of $15,000 for 9,000 hours of production.The department actually completed 10,000 hours of production.What is the appropriate total budget for the department, assuming it uses flexible budgeting?

Budgeted production of Product B for the year would be

The benefits of comparing actual performance of the operations against planned goals include all of the following except

The budget procedure that requires all levels of management to start from zero in estimating sales, production, and other operating data is called continuous budgeting.

Production and sales estimates for June are as follows: The number of units expected to be manufactured in June is

A capital expenditures budget is prepared before the operating budgets.