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If budgets are to be effective, there must be

26/10/2020 Client: arwaabdullah Deadline: 3 days

Question 1

If budgets are to be effective, there must be

independent verification of budget goals.

an organizational structure with clearly defined lines of authority and responsibility.

excess plant capacity.

a history of successful operations.

Question 2

Young Co. has budgeted its activity for December according to the following information:

1.Sales at $600,000, all for cash.

2.Budgeted depreciation for December is $15,000.

3.The cash balance at December 1 was $15,000.

4.Selling and administrative expenses are budgeted at $60,000 for December and are paid for in cash.

5.The planned merchandise inventory on December 31 and December 1 is $18,000.

6.The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid in cash.

How much are the budgeted cash disbursements for December?

$345,000

$510,000

$492,000

$525,000

Question 3

The direct materials budget shows:

Desired ending direct materials48,000 pounds

Total materials required69,000 pounds

Direct materials purchases63,200 pounds

The total direct materials needed for production is

132,200 pounds.

15,200 pounds.

21,000 pounds.

5,800 pounds

Question 4

The formula for determining budgeted merchandise purchases is budgeted

cost of goods sold + beginning inventory – desired ending inventory.

sales + beginning inventory – desired ending inventory.

production + desired ending inventory – beginning inventory.

cost of goods sold + desired ending inventory – beginning inventory.

Question 5

Comma Co. makes and sells widgets. The company is in the process of preparing its selling and administrative expense budget for the month. The following budget data are available:

ItemVariable Cost Per Unit SoldMonthly Fixed Cost

Sales commissions$1 $10,000

Shipping$3

Advertising$4

Executive salaries $120,000

Depreciation on office equipment $4,000

Other$2 $6,000

Expenses are paid in the month incurred. If the company has budgeted to sell 80,000 widgets in October, how much is the total budgeted selling and administrative expenses for October?

$140,000

$800,000

$940,000

$930,000

Question 6

Bean Manufacturing reported the following information for 2013:

October November December

Budgeted purchases $240,000 $256,000 $288,000

• Operating expenses are: Salaries, $100,000; Depreciation, $40,000; Rent, $20,000; Utilities, $28,000

• Operating expenses are paid during the month incurred.

• Accounts payable is used only for inventory acquisitions.

How much is the budgeted amount of cash to be paid for operating expenses in November?

$188,000

$444,000

$148,000

$404,000

Question 7

Teller Co. is planning to sell 900 boxes of ceramic tile, with production estimated at 870 boxes during May. Each box of tile requires 44 pounds of clay mix and a quarter hour of direct labor. Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Teller has 3,900 pounds of clay mix in beginning inventory and wants to have 4,500 pounds in ending inventory.

What is the total amount to be budgeted for manufacturing overhead for the month?

$11,484

$2,970

$11,880

$2,871

Question 8

The following information was taken from Southgate Industry’s cash budget for the month of July:

Beginning cash balance$480,000

Cash receipts 304,000

Cash disbursements 544,000

If the company has a policy of maintaining a minimum end of the month cash balance of $400,000, the amount the company would have to borrow is

$240,000.

$96,000.

$160,000.

$80,000

Question 9

Which one of the following is not needed in preparing a production budget?

Budgeted raw materials

Ending finished goods units

Beginning finished goods units

Budgeted unit sales

Question 10

Which one of the following items would never appear on a cash budget?

Office salaries expense

Interest expense

Depreciation expense

Travel expense

Question 11

Beginning cash balance plus total receipts

must equal total disbursements.

is the excess of available cash over disbursements.

equals ending cash balance.

equals total available cash.

Question 12

Hyde Corp.'s cash budget showed total available cash less cash disbursements. What does this amount equal?

The excess of available cash over cash disbursements

The amount of financing required

Ending cash balance

Total cash receipts

Question 13

If a company has adopted continuous budgeting, the budget will show plans for

at least five years.

every day.

the current year and the next year.

a full year ahead.

Question 14

Doe Manufacturing plans to sell 6,000 purple lawn chairs during May, 5,700 in June, and 6,000 during July. The company keeps 15% of the next month’s sales as ending inventory. How many units should Doe produce during June?

5,655

6,600

Not enough information to determine.

5,745

Question 15

The financial budgets include the

budgeted balance sheet and the budgeted income statement.

cash budget and the budgeted balance sheet.

cash budget and the production budget.

cash budget and the selling and administrative expense budget.

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