1 Accounting As A Tool For Managers 2 Building Blocks Of Managerial Accounting 3 Cost-volume-profit Analysis 4 Job Order Costing 5 Process Costing 6 Activity-based, Variable, And Absorption Costing 7 Budgeting 8 Standard Costs And Variances 9 Responsibility Accounting And Decentralization 10 Short-term Decision Making 11 Capital Budgeting Decisions 12 Balanced Scorecard And Other Performance Measures 13 Sustainability Reporting Chapter7: Budgeting
Chapter Questions Section: Chapter Questions
Problem 1MC: Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing... Problem 2MC: Which of the following is an operating budget? A. cash budget B. production budget C. tax budget D.... Problem 3MC: Which of the following is a finance budget? A. cash budget B. production budget C. direct materials... Problem 4MC: Which approach is most likely to result in employee buy-in to the budget? A. top-down approach B.... Problem 5MC: Which approach requires management to justify all its expenditures? A. bottom-up approach B.... Problem 6MC: Which of the following is true in a bottom-up budgeting approach? Every expense needs to be... Problem 7MC: The most common budget is prepared for a __________. A. week B. month C. quarter D. year Problem 8MC: Which of the operating budgets is prepared first? A. production budget B. sales budget C. cash... Problem 9MC: The direct materials budget is prepared using which budgets information? A. cash payments budget B.... Problem 10MC: Which of the following is not an operating budget? A. sales budget B. production budget C. direct... Problem 11MC: Which of the following statements is not correct? A. The sales budget is computed by multiplying... Problem 12MC: The units required in production each period are computed by which of the following methods? adding... Problem 13MC: The cash budget is part of which category of budgets? sales budget cash payments budget finance... Problem 14MC: Which is not a section of the cash budget? cash receipts cash disbursements allowance for... Problem 15MC: Which budget is the starting point in preparing financial budgets? the budgeted income statement the... Problem 16MC: Which of the following includes only financial budgets? capital asset budget, budgeted income... Problem 17MC: Which budget evaluates the results of operations at the actual level of activity? capĂtal budget... Problem 18MC: What is the main difference between static and flexible budgets? The fixed manufacturing overhead is... Problem 1Q: What is a budget and what are the different types of budgets? Problem 2Q: What is the difference between budgeting and long-range planning? Problem 3Q: What are the advantages and disadvantages of the bottom-up budgeting approach? Problem 4Q: Why might a rolling budget require more management participation than an annual budget? Problem 5Q: What information is necessary for the operating budgets? Problem 6Q: What operating budget exists for manufacturing but not for a retail company? Problem 7Q: What is the process for developing a budgeted balance sheet? Problem 8Q: Which of the financial budgets is the most important? Why? Problem 9Q: A company has prepared the operating budget and the cash budget. It is now preparing the budgeted... Problem 10Q: Fill in the blanks: A flexible budget summarizes _____ and _____ for various volume levels by... Problem 11Q: What information is included in the capital asset budget? Problem 12Q: Why does budget planning typically begin with the sales forecast? Problem 13Q: What steps should be considered it a budget is to be set and later have its results evaluated? Problem 1EA: Blue Book printing is budgeting sales of 25,000 units and already has 5,000 in beginning inventory.... Problem 2EA: How many units are in beginning inventory it 32,000 units are budgeted for sales, 35,000 units are... Problem 3EA: Navigator sells GPS trackers for $50 each. It expects sales of 5,000 units in quarter 1 and a 5%... Problem 4EA: One Device makes universal remote controls and expects to sell 500 units in January, 800 in... Problem 5EA: Sunrise Poles manufactures hiking poles and is planning on producing 4,000 units in March and 3,700... Problem 6EA: Given the following information from Rowdy Enterprises direct materials budget, how much direct... Problem 7EA: Each unit requires direct labor of 2.2 hours. The labor rate is $11.50 per hour and next years... Problem 8EA: How many units are estimated to be sold it Skyline. Inc., has a planned production of 900,000 units,... Problem 9EA: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,... Problem 10EA: Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in... Problem 11EA: Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the... Problem 12EA: Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the... Problem 13EA: What is the amount of budgeted cash payments if purchases are budgeted for $420,000 and the... Problem 14EA: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is... Problem 15EA: Cold X, Inc. uses this information when preparing their flexible budget: direct materials of $2 per... Problem 16EA: Using the provided budgeted information for production of 10,000 and 15,000 units, prepare a... Problem 17EA: The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per... Problem 1EB: Lovely Wedding printing is budgeting sales of 32,000 units and already has 4,000 in beginning... Problem 2EB: How many units are in beginning inventory if 32,000 units are budgeted for sales, 35,000 units are... Problem 3EB: Barnstormer sells airplane accessories for $20 each. It expects sales of 120,000 units in quarter 1... Problem 4EB: Rehydrator makes a nutrition additive and expects to sell 3,000 units in January, 2,000 in February,... Problem 5EB: Cloud Shoes manufactures recovery sandals and is planning on producing 12.000 units in March and... Problem 6EB: Given the following information from Power Enterprises direct materials budget, how much direct... Problem 7EB: Each unit requires direct labor of 4.1 hours. The labor rate is $13.75 per hour and next years... Problem 8EB: How many units are estimated to be sold if Kino, Inc., has planned production of 750,000 units, a... Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%... Problem 10EB: My Aunts Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the... Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,... Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the... Problem 13EB: What is the amount of budgeted cash payments if purchases are budgeted for $190,500 and the... Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is... Problem 15EB: Judges Gavel uses this information when preparing their flexible budget: direct materials of $3 per... Problem 16EB: Using the following budgeted information for production of 5,000 and 12,000 units, prepare a... Problem 17EB: The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per... Problem 1PA: Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and... Problem 2PA: The data shown were obtained from the financial records of Italian Exports, Inc., for March: Sales... Problem 3PA: Echo Amplifiers prepared the following sales budget for the first quarter of 2018: It also has this... Problem 4PA: Prepare a budgeted income statement using the information shown. Problem 5PA: Spree Party Lights overhead expenses are: Prepare a manufacturing overhead budget if the number of... Problem 6PA: Relevant data from the Poster Companys operating budgets are: Additional data: Capital assets were... Problem 7PA: Fill in the missing information from the following schedules: Problem 8PA: Direct labor hours are estimated as 2,000 in Quarter 1; 2,100 in Quarter 2; 1,900 in Quarter 3; and... Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,... Problem 10PA: Sports Socks has a policy of always paying within the discount period and each of its suppliers... Problem 11PA: Prepare a flexible budgeted income for 120,000 units using the following information from a static... Problem 12PA: Before the year began, the following static budget was developed for the estimated sales of 100,000.... Problem 13PA: Caribbean Hammocks currently sells 75.000 units at $50 per unit. Its expenses are: Management... Problem 14PA: Total Pops data show the following information: New machinery will be added in April. This machine... Problem 15PA: Identify the document that contains the information listed in these lines from the budgeted balance... Problem 16PA: Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget... Problem 1PB: Lens & Shades sells sunglasses for $37 each and is estimating sales of 21,000 units in January and... Problem 2PB: The following data were obtained from the financial records of Sonicbrush, Inc., for March: Sales... Problem 3PB: TIB makes custom guitars and prepared the following sales budget for the second quarter It also has... Problem 4PB: Prepare a budgeted income statement using the information shown. Problem 5PB: Prepare a budgeted income statement using the information shown. Problem 6PB: Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in... Problem 7PB: Fill in the missing information from the following schedules: Problem 8PB: Mesa Aquatics, Inc. estimated direct labor hours as 1,900 in quarter 1, 2,000 in quarter 2.2,200 in... Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,... Problem 10PB: All Temps has a policy of always paying within the discount period, and each of its suppliers... Problem 11PB: Prepare a flexible budgeted income statement for 47,000 units using the following information from a... Problem 12PB: Before the year began, the following static budget was developed for the estimated sales of 50,000.... Problem 13PB: Artic Camping Gears currently sells 35,000 units at $73 per unit. Its expenses are as follows:... Problem 14PB Problem 15PB: Identify the document that contains the information listed in these lines from the budgeted balance... Problem 16PB: Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales... Problem 1TP: Why is a clear understanding of managements goals and objectives necessary for effective budgets? Problem 2TP: It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit... Problem 3TP: How would a human resources department use information in the operating budgets? Problem 4TP: How would maintenance departments use information in the budget? Problem 5TP: How might service industries predict revenue? Problem 6TP: The management of Hess, Inc., is developing a flexible budget for the upcoming year. It was not... Problem 7TP: When would a static budget be effective in evaluating a managers performance? Problem 8TP: If management is being evaluated on their ability to manage a budget, what can they do to increase... Problem 9TP: If management is being evaluated on their ability to manage a budget, what can they do to decrease... Problem 15MC: Which budget is the starting point in preparing financial budgets? the budgeted income statement the...
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Concept explainers
Which of the following goals is accomplished when an audit process occurs at the end of the budget year? Select all that apply.
Preventing fraud and waste
Ensuring the accuracy of operation
Ensuring compliance with policies and applicable laws
Interviewing and hiring budget personnel for the next budget year
Definition Definition Methods and techniques used by the auditor to gather the appropriate evidence so that a true and fair judgment can be made on the quality of the financial statements of the client. Audit procedures are developed after determining audit objectives, scope, approach, and risk assessment.
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