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. To identify: Correct option.

Question

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Answer 1

Question

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

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Answer 2

Question

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

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Answer 3

Question

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

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Answer 4

Question

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

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Answer 5

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

Answer 6

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

Answer 7

Chapter 7, Problem 1MCQ

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.

To identify: Correct option.

Answer 8

Expert Solution & Answer

Explanation of Solution

Option c, production budget is the correct option.

c.

Production budget is the plan that reports the units of merchandise to be produced by a manufacturing company during the budget period.

a.

Capital expenditure budget is a type of budget which states the value of long term assets purchased and timing of their purchase.

b.

Cash budget is prepared to check that whether organisations have sufficient cash balance. It is a plan which states expected inflow and outflow of cash over a period of time.

d.

Manufacturing budget covers all manufacturing costs which include direct material, direct labor and overhead for units estimated to be produced.

e.

Sales budget represents estimated number of units to be sold at expected selling price.

Thus, production budget is the plan that reports number of units to be produced by a company.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 7 - Prob. 1MCQ Ch. 7 - Prob. 2MCQ Ch. 7 - Prob. 3MCQ Ch. 7 - Prob. 4MCQ Ch. 7 - Prob. 5MCQ Ch. 7 - Identify at least three benefits of budgeting in...Ch. 7 - Prob. 2DQ Ch. 7 - What is the benefit of continuous budgeting?Ch. 7 - Identify three usual time horizons for short-term...Ch. 7 - Why should each department participate in...

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. To identify: Correct option.

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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.

To identify: Correct option.

Explanation of Solution

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Chapter 7 Solutions