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TCO 5) Which is NOT a component of the master budget? Sales budget Capital budget Cost of goods sold budget Budget to actual variance analysis Question 2.2. (TCO 5) The budgets that are concerned with the income-generating activities of a firm are called the operating budgets. master budgets. financial budgets. continuous budgets. Question 3.3. (TCO 5) The budget committee has the responsibility to review the budget. resolves differences that may arise as the budget is prepared. prepares financial statements for the auditor. Both A and B Question 4.4. (TCO 5) Which is NOT a component of the cash budget? Sales forecast Cash disbursements Financing Cash excess or deficiency Question 5.5. (TCO 5) A budget that is developed around the actual level of activity is a static budget. a continuous budget. a flexible budget. None of the above Question 6.6. (TCO 5) The budget most appropriate for control purposes is the static budget. flexible budget. continuous budget. incremental budget. Question 7.7. (TCO 5) Flexible budgets do NOT provide expected costs for a range of activity. budgeted costs for the actual level of activity. budgeted costs for a predetermined level of activity. expected costs for the actual performance level. Question 8.8. (TCO 5) The ideal budget system creates extreme caution in managers. drive and risk avoidance in managers. drive and goal congruence in managers. None of the above Question 9.9. (TCO 5) Realistic budgets reflect actual levels of activity, full capacity usage, efficiencies, and general economic trends. actual levels of activity, seasonal variations, efficiencies, and general economic trends. ideal levels of activity, full capacity usage, efficiencies, and general economic trends. ideal levels of activity, full capacity usage, and efficiencies. Question 10.10. (TCO 5) Bored Manufacturing has projected the following. Units to be produced 2,000 Direct materials 4 pounds at $5 $20 Direct labor 1 hour at $8 $8 Variable overhead 75% of direct labor Fixed overhead 50% of direct labor Which is the total amount of overhead included in the overhead budget? $12,000 $8,000 $30,000 $20,000
The present value of a $1,200,000 note payable in three equal annual installments of $400,000 at a 10% rate of interest is $994,800. What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest me..
If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?
Briefly describe independent auditors' concept of materiality. Describe some common relationships and other considerations used by auditors when assessing the dollar amount considered material. In other words, what are some common measures of mate..
You have been called on in your function as accounting manager to resolve the dispute. In your report you should explain the different methods available to allocate the four costs to the product cost.
A certain airplane has two independent alternators to provide electrical power.The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the othe..
Compute Juan's gross income assuming that he uses the cash basis of accounting.
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
How is annual cash inflow determined?
Concerning the government-wide statement of net assets, describe what information is included in the governmental activites column, the business type activities column, and the column for the total primary government.
Vernon Co. is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals from its plant. Vernon's lawyer states that it is probable tha..
Garden Corporation engaged in the following transaction. Indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used.
Journalize the entries to record the purchase (treasury stock is recorded at cost). Journalize the entries to record the sale of the stock.
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