?Which of the following statements is false The interest expense in the budgeted income statement comes from the cash budget a O Even if a company produces and sells customized goods only by order, it must have desired ending finished .b O goods inventory when preparing its budgets For merchandising companies, a separate purchase budget would be prepared for each item carried in stock .c O .We should prepare sales budget before we prepare the production budget .d O None of the given answers .e O

?Which of the following statements is false The interest expense in the budgeted income statement comes from the cash budget a O Even if a company produces and sells customized goods only by order, it must have desired ending finished .b O goods inventory when preparing its budgets For merchandising companies, a separate purchase budget would be prepared for each item carried in stock .c O .We should prepare sales budget before we prepare the production budget .d O None of the given answers .e O

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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Which of the following statements is false about budgeted income statement and budgeted balance sheet ? a . The ending finished goods inventory will be included in the budgeted balance sheet . b. None of the given answers . c . The budgeted income statement must be prepared first before preparing the budgeted balance sheet . d. Credit purchases will be included in the accounts payable in the budgeted balance sheet. e. The cash budget must be prepared first before preparing both the budgeted income statement and the budgeted balance sheet.
2. State whether the following sentences are TRUE or FALSE ASTARINS # Statements 1 The production budget is typically prepared prior to the sales budget. One benefit of budgeting is that it coordinates the activities of the entire organization. The master budget is a network consisting of many separate budgets that are interdependent. Sales forecasts are drawn up after the cash budget has been completed because only then are the funds available for marketing known. 5 A sales budget is a detailed schedule showing the expected sales for the budget period; typically, it is expressed in both dollars and units of product. 2 3 4 TRUE or FALSE 3. Which of the following represents the normal sequence in which the indicated budgets are prepared? A. Direct Materials, Cash, Sales B. Production, Cash, Income Statement C. Sales, Balance Sheet, Direct Labor D. Production, Manufacturing Overhead, Sales 1280 4. Which of the following represents the correct order in which the indicated budget documents…
Which of the following statements is false? For merchandising companies with different items in stock for sale, only one purchase budget would be prepared. О а. O b. The interest expense in the budgeted income statement comes from the cash budget. If a company produces and sells customized goods only by order, it may not have any desired О с. ending finished goods inventory when preparing its budgets. O d. We should prepare sales budget before we prepare the production budget. O e. None of the given answers.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
How would the cash budget be affected if our firm’s suppliersoffered us terms of “2/10, net 30,” rather than “net 30,” and wedecided to take the discount?
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
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?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.
Which of the following statements is/are true? Select one: O a. One disadvantage of participative budgeting is employees' tendency to overestimate of revenues. O b. In a production budget, beginning inventory in units plus budgeted units to be produced equals unit sales minus targeted ending inventory in units. O C. All of the given statements are true O d. Production and inventory budgets form the basis for developing the sales budget. O e. When managers intentionally set budgeted costs too high and budgeted revenues too low, they are creating budgetary slack.