The direct materials budget shows: $\begin{array}{ll} \text { Units to be produced } & 3,000 \\ \text { Total pounds needed for production } & 9,000 \\ \text { Total materials required } & 9,900 \end{array}$ What are the direct materials per unit?

A) .33 pounds B) 3.0 pounds C) 3.3 pounds D) Cannot be determined from the data provided. A) .33 pounds B) 3.0 pounds C) 3.3 pounds D) Cannot be determined from the data provided.

Correy Company reported the following information for 2013: $\begin{array}{llll}&\text { October }&\text {November }&\text {December }\\ \text { Budgeted sales } & \$ 460,000 & \$ 440,000 & \$ 540,000 \\ \text { Budgeted purchases } & \$ 240,000 & \$ 256,000 & \$ 288,000 \end{array}$ Cost of goods sold is 35% of sales. -Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. -Accounts payable is used only for inventory acquisitions. How much is the budgeted balance for Accounts Payable at October 31, 2013?

A) $96,000 B) $144,000 C) $204,000 D) $102,400 A) $96,000 B) $144,000 C) $204,000 D) $102,400

Exam 9: Reporting and Analyzing Long-Lived Assets

Bear, Inc.estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year.They have, and desire, a 25% ending inventory of finished goods.Each unit sells for $35.40% of the sales are for cash.70% of the credit customers pay within the quarter.The remainder is received in the quarter following sale. - Cash collections for the third quarter are budgeted at

(Multiple Choice)

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Question 101

The direct materials budget shows: Units to be produced 3,000 Total pounds needed for production 9,000 Total materials required 9,900 What are the direct materials per unit?

(Multiple Choice)

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Question 102

The budget that is often considered to be the most important financial budget is the

(Multiple Choice)

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Question 103

Beginning cash balance plus total receipts

(Multiple Choice)

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Question 104

An appropriate activity index for a college or university for budgeting faculty positions would be the

(Multiple Choice)

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Question 105

Which of the following statements is incorrect?

(Multiple Choice)

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Question 106

Bear, Inc.estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year.They have, and desire, a 25% ending inventory of finished goods.Each unit sells for $35.40% of the sales are for cash.70% of the credit customers pay within the quarter.The remainder is received in the quarter following sale. - Production in units for the third quarter should be budgeted at

(Multiple Choice)

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Question 107

The direct materials budget must be completed before the production budget because the quantity of materials available for production must be known.

(True/False)

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Question 108

Effective budgeting requires clearly defined lines of authority and responsibility.

(True/False)

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Question 109

Coordinating the preparation of the budget is the responsibility of the

(Multiple Choice)

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Question 110

Dolce Co.estimates its sales at 180,000 units in the first quarter and that sales will increase by 18,000 units each quarter over the year.They have, and desire, a 25% ending inventory of finished goods.Each unit sells for $25.40% of the sales are for cash.70% of the credit customers pay within the quarter.The remainder is received in the quarter following sale. -The remainder is received in the quarter following sale. Production in units for the third quarter should be budgeted at

(Multiple Choice)

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Question 111

Pell Manufacturing is preparing its direct labor budget for May.Projections for the month are that 33,400 units are to be produced and that direct labor time is three hours per unit.If the labor cost per hour is $12, what is the total budgeted direct labor cost for May?

(Multiple Choice)

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Question 112

Correy Company reported the following information for 2013: October November December Budgeted sales \ 460,000 \ 440,000 \ 540,000 Budgeted purchases \ 240,000 \ 256,000 \ 288,000 Cost of goods sold is 35% of sales. -Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. -Accounts payable is used only for inventory acquisitions. How much is the budgeted balance for Accounts Payable at October 31, 2013?

(Multiple Choice)

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Question 113

Financial planning models and statistical and mathematical techniques may be used in forecasting sales.

(True/False)

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Question 114

The invoice cost for merchandise purchases represents 75% of the sales price.All purchases are paid in cash. How much are the budgeted cash disbursements for December?

(Multiple Choice)

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Question 115

The budget itself and the administration of the budget are entirely accounting responsibilities.

(True/False)

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Question 116

For a merchandiser, the starting point in the development of the master budget is the

(Multiple Choice)

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Question 117

If a company has adopted continuous budgeting, the budget will show plans for

(Multiple Choice)

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Question 118

A production budget should be prepared before the sales budget.

(True/False)

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Question 119

For better management acceptance, the flow of input data for budgeting should begin with the

(Multiple Choice)

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Question 120

Showing 101 - 120 of 157

The direct materials budget shows: Units to be produced 3,000 Total pounds needed for production 9,000 Total materials required 9,900 What are the direct materials per unit?

The budget that is often considered to be the most important financial budget is the

Beginning cash balance plus total receipts

An appropriate activity index for a college or university for budgeting faculty positions would be the

Which of the following statements is incorrect?

The direct materials budget must be completed before the production budget because the quantity of materials available for production must be known.

Effective budgeting requires clearly defined lines of authority and responsibility.

Coordinating the preparation of the budget is the responsibility of the

Pell Manufacturing is preparing its direct labor budget for May.Projections for the month are that 33,400 units are to be produced and that direct labor time is three hours per unit.If the labor cost per hour is $12, what is the total budgeted direct labor cost for May?

Financial planning models and statistical and mathematical techniques may be used in forecasting sales.

The invoice cost for merchandise purchases represents 75% of the sales price.All purchases are paid in cash. How much are the budgeted cash disbursements for December?

The budget itself and the administration of the budget are entirely accounting responsibilities.

For a merchandiser, the starting point in the development of the master budget is the

If a company has adopted continuous budgeting, the budget will show plans for

A production budget should be prepared before the sales budget.

For better management acceptance, the flow of input data for budgeting should begin with the

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Time Value of Money and Present Value Calculations

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