Considering the budgets of a manufacturing firm, which of the following statements is false? The sales...
Considering the budgets of a manufacturing firm, which of the following statements is false?
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The sales budget must be prepared before the cash budget. |
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The budgeted balance sheet must be prepared before the cash budget. |
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The budgeted income statement must be prepared before the budgeted balance sheet. |
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The production budget must be prepared before direct materials purchase budget. |
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Considering the budgets of a manufacturing firm, which of the
following statements is false?
The sales...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. The Manufacturing Overhead Budget is prepared after the Sales Budget. The basic idea underlying responsibility accounting is that a manager should be...
3) Which of the following statements is NOT correct concerning the Cash Budget? A) The Cash...
3) Which of the following statements is NOT correct concerning the Cash Budget? A) The Cash Budget builds on earlier budgets and schedules as well as additional data. B) The Cash Budget should be prepared before the Budgeted Income Statement. C) The Cash Budget should be prepared before the Budgeted Balance Sheet. D) It is not necessary to prepare any other budgets before preparing the Cash Budget
Which of the following represents the correct order in which the indicated budget documents for a...
Which of the following represents the correct order in which the indicated budget documents for a manufacturing company would be prepared? Multiple Choice o Sales budget, cash budget direct materials budget direct labor budget O Production budget, sales budget direct materials budget direct labor budget C) Sales budget cash budget production budget direct materials budget Selling and administrative expense budget. Cash budget, budgeted income statement, budgeted balance sheet
The budgeted income statement is a combination of: All the operating budgets. All the operating budgets...
The budgeted income statement is a combination of: All the operating budgets. All the operating budgets plus the budgeted balance sheet. The direct materials budget, the direct labor budget, and the manufacturing overhead budget. The production budget, the cost of goods sold budget, and the selling and administrative expense budget.
10) Which of the following costs are most likely to be classified as a variable cost? A) Insurance B) Straight-line depreciation C) Direct materials D) Factory rent The term describing a firm'...
10) Which of the following costs are most likely to be classified as a variable cost? A) Insurance B) Straight-line depreciation C) Direct materials D) Factory rent The term describing a firm's normal range of operating activities is called the A) Relevant range of operations B) Break-even level of operations C) Margin of safety of operations D) None of the above 11) 12) A budget can be an effective means of communicating management's plans to the employees of 1buALSS a...
Which of the following budgets is prepared last? a. Budgeted balance sheets are not dependent upon...
Which of the following budgets is prepared last? a. Budgeted balance sheets are not dependent upon budgeted income statements b. Budgeted income statements include amortization expenses c. Cash budgets include amortization expenses d. Production budget shows the cost of the raw material to be purchased
Which of the following budgets are prepared before the sales budget? B) Budgeted Income Direct Labor...
Which of the following budgets are prepared before the sales budget? B) Budgeted Income Direct Labor Statement Budget Yes Yes No Yes No Yes D) Multiple Choice O Choice C O Choice D O Choice B O Choice A O
Give an example of how the capital expenditures budget affects other operating budgets. What information, if...
Give an example of how the capital expenditures budget affects other operating budgets. What information, if any, will be shown on the budgeted income statement, from the following: sales budget, cash budget, and cost of goods sold budget? What information, if any, will be shown on the budgeted balance sheet, from the following: sales budget, cash budget, and cost of goods sold budget? Place the following budgets in their proper order of preparing the master budget: Cost of goods sold...
Master Budgets Assignment
The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURINGBalance SheetMarch 31AssetsLiabilities and EquityCash$ 59,000LiabilitiesAccounts receivable455,000Accounts payable$ 215,400Raw materials inventory93,000Loan payable31,000Finished goods inventory433,000Long-term note payable500,000$ 746,400Equipment$ 638,000EquityLess: Accumulated depreciation169,000469,000Common stock354,000Retained earnings408,600762,600Total assets$ 1,509,000Total liabilities and equity$ 1,509,000 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 25,000 units. Budgeted sales in units follow: April, 25,000; May, 17,000; June, 22,400; and July, 25,000. The product’s selling...
Which of the following budgets would be prepared by both manufacturing companies and merchandising companies? Manufacturing...
Which of the following budgets would be prepared by both manufacturing companies and merchandising companies? Manufacturing overhead budget Sales budget Direct material purchases budget Production budget
3) Which of the following statements is NOT correct concerning the Cash Budget? A) The Cash Budget builds on earlier budgets and schedules as well as additional data. B) The Cash Budget should be prepared before the Budgeted Income Statement. C) The Cash Budget should be prepared before the Budgeted Balance Sheet. D) It is not necessary to prepare any other budgets before preparing the Cash Budget
Which of the following represents the correct order in which the indicated budget documents for a manufacturing company would be prepared? Multiple Choice o Sales budget, cash budget direct materials budget direct labor budget O Production budget, sales budget direct materials budget direct labor budget C) Sales budget cash budget production budget direct materials budget Selling and administrative expense budget. Cash budget, budgeted income statement, budgeted balance sheet
10) Which of the following costs are most likely to be classified as a variable cost? A) Insurance B) Straight-line depreciation C) Direct materials D) Factory rent The term describing a firm's normal range of operating activities is called the A) Relevant range of operations B) Break-even level of operations C) Margin of safety of operations D) None of the above 11) 12) A budget can be an effective means of communicating management's plans to the employees of 1buALSS a...
Which of the following budgets are prepared before the sales budget? B) Budgeted Income Direct Labor Statement Budget Yes Yes No Yes No Yes D) Multiple Choice O Choice C O Choice D O Choice B O Choice A O
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