Which among the adhering to is not a benefit of budgeting?Select one:a. It facilitates the coordination of activities.b. It provides definite missions for evaluating performance.c. It gives assurance that the firm will certainly attain its objectives. d. It needs all levels of monitoring to setup ahead on a recurring basis.

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c. It provides assurance that the company will attain its objectives. Correct! Tbelow is no guarantee or assurance that a firm will certainly satisfy its missions also when budgets are used for planning and managing.
Which of the adhering to are correct statements about a budget?Select one:a. It is a formal written statement of management"s plans for a stated future time duration.b. It becomes a crucial basis for evaluating performance.c. It promotes performance and serves as a deterrent to waste and also inefficiency.d. All of these answers choices are correct.
d. All of these answer selections are correct. Correct! All of the alternatives are correct statements around a budget.
The primary benefits of budgeting include all of the following except itSelect one:a. requires only optimal management to setup ahead and also formalize goals.b. offers definite missions for evaluating performance.c. creates an early warning mechanism for potential problems.d. motivates personnel throughout the organization.
a. requires only top administration to arrangement ahead and define goals. Correct! A major benefit of budgeting is it calls for all levels of management to arrangement ahead and define goals.
Which of the complying with lists includes only financial budgets?Select one:a. Cash budobtain, production budgain, and also capital expenditures budacquire.b. Capital expenditure budget, sales budget, and budgeted earnings statement.c. A budgeted income statement, budgeted balance sheet, and also sales budacquire.d. Budgeted balance sheet, cash budacquire, and the funding expenditures budobtain.
d. Budgeted balance sheet, cash budget, and also the resources expenditures budacquire. Correct! All 3 of these are financial budgets.
The formula for the manufacturing budgain is budgeted sales in units plusSelect one:a. desired finishing merchandise inventory less start merchandise inventory.b. start finimelted goods units less preferred finishing finished products units.c. desired finishing straight materials units much less beginning direct products systems.d. wanted ending finiburned items systems less beginning finished items devices.
d. desired ending finiburned items units much less beginning finished items systems. Correct! The formula for the production budobtain is budgeted sales in devices plus preferred ending finished products devices less start finiburned goods systems.
Direct materials inventories are maintained in pounds in Byrd Company, and also the total pounds of direct materials needed for production is 9,500. If the start inventory is 1,000 pounds and also the desired finishing inventory is 2,200 pounds, the complete pounds to be purchased areSelect one:a. 9,400.b. 9,500.c. 9,700.d. 10,700.
d. 10,700. Correct! Pounds to be purchased = amount essential for production + the desired ending inventory - the start inventory = 10,700 (9,500 + 2,200 - 1,000).
Operating budgets incorporate every one of the following other than theSelect one:a. sales budobtain.b. manufacturing budacquire.c. funding expenditure budacquire. d. budgeted income statement.
c. funding expenditure budacquire. Correct! The resources expenditure budgain is a financial budgain, not an operating budget.
Each of the other budgets in the master budobtain relies on theSelect one:a. budgeted income statement.b. cash budacquire.c. manufacturing budget.d. sales budobtain.
At the start of the year, Goldenrod had start inventory of 2,000 scooters. Goldenrod approximates it will certainly market 5,000 devices throughout the initially quarter of the present year, with a 10% boost in sales each quarter. It is Goldenrod"s policy to keep an ending inventory equal to 20% of the following quarter"s budgeted sales. Each scooter prices $100 to develop and marketed for $150. How a lot is the budgeted sales revenue for the third quarter of the current year?Select one:a. $825,000.b. $907,500. c. $605,000.d. $500,000.
b. $907,500. Correct! Estimated first quarter sales (5,000 units) + (5,000 systems x 10%) = Estimated second quarter sales in systems (5,500 units). Estimated second quarter sales (5,500 units) + (5,500 systems x 10%) = Estimated 3rd quarter sales in units (6,050 units) x selling price per unit ($150) = $907,500 Budgeted Sales for Third Quarter.
Microtechnology plans to market 2,000 computer systems in April; 1,900 in May; and 2,000 in June. The company keeps 15% of the next month"s sales as ending inventory. How many kind of units have to Microtechnology produce in May?Select one:a. 1,915.b. 2,200.c. 1,885.d. The amount cannot be figured out because of inenough indevelopment.
a. 1,915. Correct! Budgeted Sales Units-May (1,900) + Desired Ending Inventory-May (.15 x 2,000) - Beginning Inventory-May (.15 x 1,900) = Required Production Units (Note: Beginning Inventory- May = Ending Inventory-April = .15 x 1,900).
The formula for computer the straight labor budgain is to multiply the straight labor price per hour by theSelect one:a. full compelled direct labor hours.b. physical systems to be produced.c. identical systems to be produced.d. None of these answer choices are correct.
Correct! Direct labor price x complete compelled straight labor hrs is the formula for computing the direct labor budgain.
The budgeted revenue statement isSelect one:a. the end-product of the operating budgets. b. the end-product of the financial budgets.c. the beginning allude of the grasp budobtain.d. dependent on cash receipts and also cash disbursements.
a. the end-product of the operating budgets. Correct! The budgeted earnings statement is the end-product of the operating budgets.
Which among the complying with budgets are thought about to be the the majority of necessary financial budget?Select one:a. Budgeted income statement.b. Budgeted balance sheet.c. Cash budgain. d. Sales budget.
c. Cash budgain. Correct! Due to the fact that cash is so essential, the cash budobtain is considered to be the many important financial budgain.
Drew Enterprises reports all its sales on credit, and also pays operating costs in the month incurred. Estimated quantities for the months of June through October are: June July August September OctoberBudget Sales; 310,000, 330,000, 300,000, 280,000, 260,000 Budgeted purchases; 144,000, 120,000, 128,000, 132,000, 90,000Customer quantities on account are gathered 60% in the month of sale and also 40% in the complying with month.The price of items offered is 45% of sales.Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the complying with month.How much cash is budgeted to be got during August?Select one:a. $312,000. b. $180,000.c. $291,000.d. $318,000.
a. $312,000. Correct! Amounts accumulated throughout August incorporate August sales plus amounts built up for July sales. Collection of August sales: $300,000 x 60% = $180,000; Collection of July sales: $330,000 x 40% = $132,000; Total = $180,000 + $132,000 = $312,000.
Expected straight materials purchases in Read Company are $70,000 in the first quarter and also $90,000 in the second quarter. Forty percent of the purchases are paid in cash as incurred, and the balance is phelp in the following quarter. The budgeted cash payments for purchases in the second quarter areSelect one:a. $96,000.b. $90,000.c. $78,000. d. $72,000.
c. $78,000. Correct! Budgeted cash payments for the second quarter = purchases for the first quarter, or $42,000 ($70,000 X 60%) + 40% of the purchases for the second quarter, or $36,000 ($90,000 X 40%). The complete is $78,000 ($36,000 + $42,000).
The cash budobtain has sections for each of the following exceptSelect one:a. financing.b. cash receipts.c. cash disbursements.d. funding expenditures.
d. resources expenditures. Correct! The cash budgain consists of sections for cash receipts, cash disbursements, and financing.
At the beginning of the year, Opal Company type of has actually a cash balance of $23,000. Throughout the year, the agency expects cash disbursements of $160,000, and cash receipts of $140,000. If Opal Company calls for an ending cash balance of $20,000, just how much must the company borrow?Select one:a. $40,000.b. $17,000. c. $20,000.d. $0.
b. $17,000. Correct! Beginning Cash Balance ($23,000) + Cash Receipts ($140,000) = Total Available Cash ($163,000) - Cash Disbursements ($160,000) = Excess of Available Cash Over Cash Disbursements ($3,000). Desired Ending Cash Balance ($20,000) - Excess of Available Cash Over Cash Disbursements ($3,000) = Borrowings ($17,000).
Windathon, Inc. expects sales volume totaling $500,000 for June. File for the month follows:Sales comgoals 4% of sales Sales manager"s salary $30,000 per monthAdvertising price $25,000 per monthShipping price 1% of sales Miscellaneous selling expenses $2,100 per month plus 3/4% of sales How a lot is Windathon"s offering price budacquire for June?Select one:a. $30,850.b. $83,750.c. $57,100.d. $85,850.
d. $85,850. Correct! Variable cost: (4% + 1% + 3/4%) x $500,000 = $28,750; Fixed cost: $30,000 + $25,000 + $2,100 = $57,100; Total cost: $28,750 + $57,100 = $85,850.
The necessary end-product of the operating budgets is theSelect one:a. budgeted revenue statement. b. cash budobtain.c. manufacturing budget.d. budgeted balance sheet.

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a. budgeted revenue statement. Correct! The budgeted earnings statement is the crucial end-product of the operating budgets.


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Financial Accounting plus MyAccountingLab with Pearchild eText, Global Editionninth EditionCharles T. Horngren, Wtransform T Harrison

Horngren"s Financial & Managerial Accounting6th EditionBrenda L Mattison, Ella Mae Matsumura, Tracie Miller-Nobles
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