Which of the following is true with respect to the sales budget? Group of answer choices It provides sales data to prepare the budgeted income statement. It captures the variable and fixed expenses of the business. It has no relation with the production budget. It provides sales data to prepare income statements for stockholders and creditors.
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- A budget: A.is used to determine if a product should be continued or discontinued B.complies actual costs for a given period C.quantifies management's plans D.determines and evaluates the cost of specific products or activities in a businessWhich of the following is not a management report?A.Sales by product actual versus budget B. Department spending actual versus budget C. Income statement D. Accounts receivable agingWhen preparing a budget, A.GST is a necessary cost of doing business B.GST is only necessary for income items as this is remitted to the ATO C.GST needs to be factor as generally the amount owing to the ATO is greater than what the ATO owes D.GST is levied on all items of a business
- Identify if the following statements are TRUE or FALSE. 1. Operating budgets and financial budgets are prepared after the master budget. 2. In setting profit objectives, management must consider sales volume required to meet all costs, dividends, and retained earnings requirements 3. Zero-based budgeting includes variable costs only.Which of the following appears on the budgeted balance sheet? * A. estimated sales B. estimated cost of goods sold C. estimated fixed selling expense D. estimated ending accounts receivableThe systematic examination of the relationships among selling prices, volume of sales and production, costs, and profits is termed a. cost-volume-profit analysis b. contribution margin analysis c. budgetary analysis d. gross profit analysis In a profit center, the manager has responsibility and authority for making decisions that affect a. assets b. investments c. long-term liabilities d. costs
- Q.Suppose Mountain Outfitters uses cost of merchandise to allocate all S, G & A costs. Prepare budgeted product-line and total company income statements.Which budget is prepared for Advertising, Salary, and Market Analysis? A. Operating Budget B. Sales Expenditure Budget C. Static Budget D. Labor BudgetQ.Operating and financial budgets. Which of the following statements is correct regarding the drivers of operating and financial budgets? a. The sales budget will drive the cost of goods sold budget. b. The cost of goods sold budget will drive the units of production budget. c. The production budget will drive the selling and administrative expense budget. d. The cash budget will drive the production and selling and administrative expense budgets.
- a. Explain your understanding about the budget cycleb. Please give an example of budget cycle's application in a business illustration of a whole series in order of the budget cycle!True or False: for manufacturing company, the budgeted income statement is a cash basis income statement.INFORMATION SYSTEM CATEGORIZATION Classify the following item as either: TPS-Transaction Processing System FRS-Financial Reporting System MRS-Management Reporting System a. Variance reports b. Sales order capture c. Balance sheet d. Budgets e. Purchase order preparation f. Tax returns g. Sales summary by product line h. Cash disbursements preparation i. Annual report preparation j. Invoice preparation k. Cost-volume-profit analysis CASE ANALYSIS The Bar Harbor Blueberry Farm is a family-owned, 200-acre farm that grows and sells blueberries to grocery stores, blueberry wholesalers, and small roadside stands. Bar Harbor has 25 full-time employees and hires 150 to 200 seasonal workers for the harvest. For the past six summers, you have picked berries for Bar Harbor. When you graduated, you were hired full-time as the accountant/office manager. Until now, Bar Harbor kept most of its accounting records in a big file box and paper documents. Jack Phillips, the owner, would like a more…