ACCT 526 EXAM PREP 2025 ELITE STUDY
GUIDE WITH QUESTIONS AND CORRECT
DETAILED ANSWERS 100% CORRECT
✔✔Financial Budgets - ✔✔Details inflows and outflows of cash and
overall financial
position of the firm.
✔✔Sales Budget - ✔✔A budget that describes expected sales in units
and dollars for
every product or service sold.
✔✔Production Budget - ✔✔Details the numbers of units of each
product to be produced
in the coming year, in order to satisfy sales and desired ending inventory
needs.
✔✔Direct Materials Purchases Budget - ✔✔Shows the amount and cost
of every type of
raw material to be purchased in each time period.
✔✔Direct Labor Budget - ✔✔Showing the expected number of direct
labor hours to be
worked and the total cost of direct labor for the budget period.
✔✔Overhead Budget - ✔✔Budget that shows the expected cost of all
production costs
other than direct materials and direct labor.
, ✔✔Ending Finished Goods Inventory Budget - ✔✔Budget that shows
the cost of units
budgeted to be in ending finished goods inventory.
✔✔Costs of Goods Sold Budget - ✔✔Budget that shows the expected
production cost
of units budgeted to be sold during the period.
✔✔Selling and Administrative Expenses Budget - ✔✔Budget that
shows the expected
costs for nonmanufacturing costs of selling and admin.
✔✔Cash Budget - ✔✔Shows budgeted cash inflows and outflows for
the time period so
that managers can determine any expected cash excess or deficiency.
✔✔Flexible (Variable) Budget - ✔✔Shows expected costs for a
particular activity level.
✔✔Before-the-Fact Flexible (Variable) Budget - ✔✔Gives expected
outcomes for a rang
of activity levels and is used for planning and decision making.
✔✔After-the-Fact Flexible (Variable) Budget - ✔✔Budget based on
actual level of
activity and is useful for control.
✔✔Static Budget - ✔✔A budget created in advance for a particular level
of activity.
GUIDE WITH QUESTIONS AND CORRECT
DETAILED ANSWERS 100% CORRECT
✔✔Financial Budgets - ✔✔Details inflows and outflows of cash and
overall financial
position of the firm.
✔✔Sales Budget - ✔✔A budget that describes expected sales in units
and dollars for
every product or service sold.
✔✔Production Budget - ✔✔Details the numbers of units of each
product to be produced
in the coming year, in order to satisfy sales and desired ending inventory
needs.
✔✔Direct Materials Purchases Budget - ✔✔Shows the amount and cost
of every type of
raw material to be purchased in each time period.
✔✔Direct Labor Budget - ✔✔Showing the expected number of direct
labor hours to be
worked and the total cost of direct labor for the budget period.
✔✔Overhead Budget - ✔✔Budget that shows the expected cost of all
production costs
other than direct materials and direct labor.
, ✔✔Ending Finished Goods Inventory Budget - ✔✔Budget that shows
the cost of units
budgeted to be in ending finished goods inventory.
✔✔Costs of Goods Sold Budget - ✔✔Budget that shows the expected
production cost
of units budgeted to be sold during the period.
✔✔Selling and Administrative Expenses Budget - ✔✔Budget that
shows the expected
costs for nonmanufacturing costs of selling and admin.
✔✔Cash Budget - ✔✔Shows budgeted cash inflows and outflows for
the time period so
that managers can determine any expected cash excess or deficiency.
✔✔Flexible (Variable) Budget - ✔✔Shows expected costs for a
particular activity level.
✔✔Before-the-Fact Flexible (Variable) Budget - ✔✔Gives expected
outcomes for a rang
of activity levels and is used for planning and decision making.
✔✔After-the-Fact Flexible (Variable) Budget - ✔✔Budget based on
actual level of
activity and is useful for control.
✔✔Static Budget - ✔✔A budget created in advance for a particular level
of activity.
