Budget: It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time. Master Budget : It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget. To identify: Participants in preparing master budget.

Question

Want to see the full answer?

Answer 1

Question

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Calculate standard rate per direct labor hour general accounting question correct option

Please given correct answer for Financial accounting question I need step by step explanation

Calculate the material price variance and quantity variance general accounting question correct answer

Answer 2

Question

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Answer 6

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Answer 7

Chapter 20, Problem 14DQ

To determine

Budget:

It is an estimated financial plan for future time period. It is used by management as an internal tool. It is prepared for a defined period of time.

Master Budget:

It is a projection of income and expenses of whole organization instead of any particular division, department or product. It comprises of direct labor budget, direct material budget, manufacturing overhead budget, production budget, closing finished good budget, sales budget, selling and administration expenditure budget.

To identify: Participants in preparing master budget.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 20 - Prob. 1MCQ Ch. 20 - Prob. 2MCQ Ch. 20 - Prob. 3MCQ Ch. 20 - Prob. 4MCQ Ch. 20 - Prob. 5MCQ Ch. 20 - Identify at least three benefits of budgeting in...Ch. 20 - Prob. 2DQ Ch. 20 - What is the benefit of continuous budgeting?Ch. 20 - Identify three usual time horizons for short-term...Ch. 20 - Why should each department participate in...

Want to see the full answer?

Chapter 20 Solutions