Sales Budget: This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget . Closing stock : It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period. Opening stock: It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period. To identify: Correct option

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Answer 1

Question

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

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Answer 2

Question

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

Answer 6

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

Answer 7

Chapter 20, Problem 2MCQ

To determine

Sales Budget:

This budget represents total sales which is product of estimated number of units to be sold and expected selling price of such units. It’s a part of master budget.

Closing stock:

It is the amount of raw material inventory, work in progress inventory and finished goods inventory left with business at the end of accounting period.

Opening stock:

It is the inventory at the beginning of accounting period. Opening stock of next accounting period is equal to closing stock of previous accounting period.

To identify: Correct option

Answer 8

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Answer 9

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Answer 10

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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...

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