ACG 2071 EXAM 3 QUESTIONS WITH
COMPLETE SOLUTIONS
Budgets - CORRECT ANSWER✔✔-Plan or forecast regarding acquisition
| | | | | | | |
and uses of resources.
| | |
Master Budget - CORRECT ANSWER✔✔-Comprehensive set of all
| | | | | | | |
budgets for operations| |
Sales Budget - CORRECT ANSWER✔✔-Prepare first as base from which
| | | | | | | | | |
other budgets are generated.
| | |
Order of Budgets - CORRECT ANSWER✔✔-1) Sales Budget
| | | | | | |
2) Production Budget
| |
3) Direct materials Budget
| | | |
4) Direct Labor Budget
| | |
5)Manufacturing overhead budget | |
6) Operating Expenses budget
| | | |
7) Budgeted income statement
| | |
8) Capital Expenditures Budget
| | | |
9) Cash Budgets
| | |
, 10) Budgeted Balance Sheet
| | |
Budgets that belong in the operating budget Category - CORRECT
| | | | | | | | | |
ANSWER✔✔-1) Sales Budget | | |
2) Production Budget
| |
3) Direct Materials
| | |
4) Direct labor Budget
| | | |
5) MOH budget
| | |
6) Operating Expenses budget
| | | |
7) Budgeted income statement
| | |
Budgets that belong in the financial budget category - CORRECT
| | | | | | | | | |
ANSWER✔✔-8) Capital Expenditures budget | | | |
9) Cash budgets
| | |
10) budgeted balance sheet
| | |
formula for sales budget - CORRECT ANSWER✔✔-number of sales x
| | | | | | | | | |
Sales price per unit= total sales revenue
| | | | | |
purpose for sales budget - CORRECT ANSWER✔✔-to plan for sales
| | | | | | | | | |
revenues in future periods| | |
COMPLETE SOLUTIONS
Budgets - CORRECT ANSWER✔✔-Plan or forecast regarding acquisition
| | | | | | | |
and uses of resources.
| | |
Master Budget - CORRECT ANSWER✔✔-Comprehensive set of all
| | | | | | | |
budgets for operations| |
Sales Budget - CORRECT ANSWER✔✔-Prepare first as base from which
| | | | | | | | | |
other budgets are generated.
| | |
Order of Budgets - CORRECT ANSWER✔✔-1) Sales Budget
| | | | | | |
2) Production Budget
| |
3) Direct materials Budget
| | | |
4) Direct Labor Budget
| | |
5)Manufacturing overhead budget | |
6) Operating Expenses budget
| | | |
7) Budgeted income statement
| | |
8) Capital Expenditures Budget
| | | |
9) Cash Budgets
| | |
, 10) Budgeted Balance Sheet
| | |
Budgets that belong in the operating budget Category - CORRECT
| | | | | | | | | |
ANSWER✔✔-1) Sales Budget | | |
2) Production Budget
| |
3) Direct Materials
| | |
4) Direct labor Budget
| | | |
5) MOH budget
| | |
6) Operating Expenses budget
| | | |
7) Budgeted income statement
| | |
Budgets that belong in the financial budget category - CORRECT
| | | | | | | | | |
ANSWER✔✔-8) Capital Expenditures budget | | | |
9) Cash budgets
| | |
10) budgeted balance sheet
| | |
formula for sales budget - CORRECT ANSWER✔✔-number of sales x
| | | | | | | | | |
Sales price per unit= total sales revenue
| | | | | |
purpose for sales budget - CORRECT ANSWER✔✔-to plan for sales
| | | | | | | | | |
revenues in future periods| | |
