BUSI 601 Chapter 10 study set (A+ Graded answers)

Both financial and non-financial aspects of planned operations and project are included in a(n) _________________________ correct answers budget p.340 Financial budgets include the: correct answers budgeted balance sheet cash budget budgeted statement of cash flows capital expenditures The collection of all short term budgets is called the ______________ budget correct answers master p. 342 A direct materials usage budget includes: correct answers -budgeted production for the period -budgeted units of direct material per unit of output -budgeted direct materials cost per unit p. 348 The direct materials ________________ budget details the physical units and cost of planned direct material purchases. correct answers purchases Let CGM represent the budgeted cost of goods manufactured for an upcoming period, EI represent ending finished good inventory. The correct formula to calculate Cost of Goods Sold (CGS) is: correct answers CGS= CGM - EI + BI (cost of goods sold = cost of goods manufactured - ending inventory + beginning inventory All production costs other than direct materials and direct labor are included in the __________________ ____________________ budget correct answers factory overhead p. 350 The cash receipts budget includes: correct answers -collections of credit sales -cash sales p. 353 The approach of budgeting that incorporates continuous improvement expectations in the budget is called ______________________ budgeting. correct answers kaizen p. 365 For most profit seeking organizations, the starting point in the master budgeting process is the preparation of the: correct answers sales budget p. 345 exhibit 10.2