Which of the following statements is false? O a. The interest expense in the budgeted income statement comes from the cash balance in the budgeted balance sheet. O b. For merchandising companies, a separate purchase budget would be prepared for each item carried in stock. O c. None of the given answers. O d. Ifa company produces and sells customized goods only by order, it may not have any desired ending finished goods inventory when preparing its budgets. O e. We should prepare sales budget before we prepare the production budget.

Which of the following statements is false? O a. The interest expense in the budgeted income statement comes from the cash balance in the budgeted balance sheet. O b. For merchandising companies, a separate purchase budget would be prepared for each item carried in stock. O c. None of the given answers. O d. Ifa company produces and sells customized goods only by order, it may not have any desired ending finished goods inventory when preparing its budgets. O e. We should prepare sales budget before we prepare the production budget.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 - Merchandising companies prepare the production budget after preparing the sales budget. 2 - Budget preparation is best determined in a top-down managerial approach A. Statement 1 is True Statement 2 is True B. Statement 1 is True Statement 2 is False C. Statement 1 is False Statement 2 is True D. Statement 1 is False Statement 2 is False
the company assesses the inventory at full production cost. explain (without figures) how it will affect the calculated return on equity (EKR) for 2021 if the company had used a variable manufacturing cost when assessing inventories. Can this company choose variable delivery cost as a valuation principle for self-produced goods?
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How does a schedule of collections from sales assist in preparing the cash budget? How are standards used in budgetary performance evaluation? The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these offsetting variances?
6. Salary of the programmer in the soft ware house. Question 2: It is usually seems as cost accounting cover the financial accounting problems as: • Evaluation of alternative while buying Problem of price assessment Question 3: State whether following statement are true or False, with reason. Financial Accounting provided information for nrice determination
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Which of the following is relevant to Limited's decision to accept a special order at a lower price?the shipping costs to the customer CEO's salary Limited's investment its warehouse the cost of its furniture and fixtures
?Which of the following statements is false about budgeted income statement and budgeted balance sheet .None of the given answers .a O The cash budget must be prepared first before preparing both the budgeted income statement and the .b O .budgeted balance sheet The ending finished goods inventory will be included in the budgeted balance sheet .c O .The budgeted balance sheet must be prepared first before preparing the budgeted income statement .d O .Credit purchases will be included in the accounts payable in the budgeted balance sheet .e O
Which of the following would be expected to result in a reduction in actual net profit compared to budgeted net profit in an accounting period? Please select all that apply. A decrease in the actual selling price of products compared to the budgeted selling price of products without a corresponding decrease in the actual costs of producing those goods. An increase in actual expenditure on non-current assets compared to budgeted expenditure on non-current assets. A more productive workforce than budgeted. An increase in the actual cost of raw materials compared to the budgeted cost of raw materials without a corresponding increase in the actual selling price of goods produced.
These are True/False questions. ____ 6. If the total unit cost of manufacturing Product Y is currently $36 and the total unit cost after modifying the style is estimated to be $48, the differential cost for this situation is $12. ____ 7. A process whereby the effect of fluctuations in level of activity is built into the budgeting system is referred to as flexible budgeting. ____ 8. In an investment center, the manager has the responsibility and the authority to make decisions that affect not only costs and revenues, but also the plant assets invested in the center. ____ 9. The capital expenditures budget summarizes future plans for acquisition of fixed assets. ____ 10. The process by which management plans, evaluates, and controls long-term investment decisions involving fixed assets is called capital investment analysis.
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