ACG 2071 EXAM 3 QUESTIONS WITH COMPLETE SOLUTIONS.

ACG 2071 EXAM 3 QUESTIONS WITH
COMPLETE SOLUTIONS


Budgets - CORRECT ANSWER✔✔-Plan or forecast regarding acquisition
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and uses of resources.
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Master Budget - CORRECT ANSWER✔✔-Comprehensive set of all
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budgets for operations| |




Sales Budget - CORRECT ANSWER✔✔-Prepare first as base from which
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other budgets are generated.
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Order of Budgets - CORRECT ANSWER✔✔-1) Sales Budget
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2) Production Budget
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3) Direct materials Budget
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4) Direct Labor Budget
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5)Manufacturing overhead budget | |




6) Operating Expenses budget
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7) Budgeted income statement
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8) Capital Expenditures Budget
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9) Cash Budgets
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, 10) Budgeted Balance Sheet
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Budgets that belong in the operating budget Category - CORRECT
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ANSWER✔✔-1) Sales Budget | | |




2) Production Budget
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3) Direct Materials
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4) Direct labor Budget
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5) MOH budget
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6) Operating Expenses budget
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7) Budgeted income statement
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Budgets that belong in the financial budget category - CORRECT
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ANSWER✔✔-8) Capital Expenditures budget | | | |




9) Cash budgets
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10) budgeted balance sheet
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formula for sales budget - CORRECT ANSWER✔✔-number of sales x
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Sales price per unit= total sales revenue
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purpose for sales budget - CORRECT ANSWER✔✔-to plan for sales
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revenues in future periods| | |