ACCT 434 Week 2 Master Budget Flexible Budgets
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<strong>ACCT</strong> <strong>434</strong> <strong>Week</strong> 2 <strong>Master</strong> <strong>Budget</strong> <strong>Flexible</strong><br />
<strong>Budget</strong>s<br />
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1.Question :(TCO 2) Operating budgets and financial budgets<br />
2.Question :(TCO 2) To gain the benefits of budgeting, ________ must understand and support the<br />
budget.<br />
3.Question :<br />
(TCO 2) Which budget is not necessary to prepare the budgeted balance sheet?<br />
4.Question :(TCO 2) A feature of a standard-costing system is that the costs of every product or service<br />
planned to be worked on during the period can be computed at the start of that period. This feature<br />
of standard costing makes it possible to<br />
5.Question :(TCO 2) An unfavorable variance indicates that<br />
6.Question :(TCO 2) Which of the following statements is true about overhead cost variance analysis<br />
using activity-based costing?<br />
7.Question :(TCO 2) Overhead costs have been increasing due to all of the following except<br />
8.Question :(TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales<br />
(70,000 units) $560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expenses<br />
200,000; Operating income $150,000. Katie is developing the 20X9 budget. In 20X9, the company<br />
would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%.<br />
All other operating expenses are expected to remain constant. Assume that COGS is a variable cost<br />
and that operating expenses are a fixed cost. What is budgeted sales for 20X9?<br />
9.Question :(TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following<br />
beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2008, through<br />
June 30, 2009.<br />
July 1, 2008 June 30, 2009<br />
Raw material (note) 40,000 10,000<br />
Work in process 8,000 8,000<br />
Finished goods 30,000 5,000<br />
(note) Three units of raw material are needed to produce each unit of finished product.<br />
If Hester Company plans to sell 600,000 units during the 2008-2009 fiscal year, the number of units it
would have to manufacture during the year would be<br />
10.Question :(TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in<br />
the following table:<br />
February March April<br />
Cash Sales $160,000 $150,000 $120,000<br />
Credit Sales 300,000 400,000 280,000<br />
Total Sales $460,000 $550,000 $400,000<br />
Management estimates that 5% of credit sales are not collectible. Of the credit sales that are<br />
collectible, 60% are collected in the month of sale and the remainder in the month following the sale.<br />
Cost of purchases of inventory each month are 70% of the next month's projected total sales. ll<br />
purchases of inventory are on account; 25% are paid in the month of purchase, and the remainder is<br />
paid in the month following the purchase.<br />
Brenton's budgeted total cash payments in March for inventory purchases are<br />
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