Nobell Ltd has a cash balance of $22,000 on 1 April 2017.It is now preparing the cash budget for the second quarter.Budgeted cash collections and payments are as follows: $\begin{array}{|l|l|l|l|} \hline& \text { Apr } & \text { May } & \text { Jun } \\ \hline \text { Cash collections } & \$ 20,000 & \$ 22,000 & \$ 25,000 \\ \hline \text { Cash payments } & & &\\ \hline \text { Purchases of inventory } & 5300 & 5800 & 4000 \\ \hline \text { Operating expenses } & 6000 & 3500 & 6000\\ \hline \end{array}$ There are no budgeted capital expenditures or financing transactions during the quarter.Based on the above data,calculate the projected cash balance at the end of April.

A) $42,000 B) $30,700 C) $36,700 D) $20,000 A) $42,000 B) $30,700 C) $36,700 D) $20,000

Fireox Company's selected cost data for 2017 are shown below: \[\begin{array} { | l | l | } \hline \text { Cost of goods manufactured } & \$ 147,700 \\ \hline \text { Work in process inventory, } 1 \text { Jan } 2017 & 19,000 \\ \hline \text { Work in process inventory, 31 Dec } 2017 & 20,500 \\ \hline \text { Direct materials used } & 18,100 \\ \hline \end{array}\] What is the total of manufacturing costs incurred by Fireox Company in 2017?

A) $149,200 B) $146,200 C) $37,100 D) $21,400 A) $149,200 B) $146,200 C) $37,100 D) $21,400

Damsel Ltd is a large manufacturer of car tyres.Damsel has provided the following information: \[\begin{array} { | l | l | } \hline \text { Sales revenue } & \$ 50,000 \\ \hline \text { Beginning finished goods inventory } & 19,000 \\ \hline \text { Cost of sales } & 36,000 \\ \hline \text { Cost of goods manufactured } & 45,500 \\ \hline \end{array}\] Calculate the amount of ending finished goods inventory reported in Damsel's balance sheet.

A) $64,500 B) $9500 C) $4500 D) $28,500 A) $64,500 B) $9500 C) $4500 D) $28,500

Crystal Ltd is a retailer of stone ornaments.It sold 15 000 units in 2017.The company has provided the following information: \[\begin{array} { | l | l | } \hline \text { Sales revenue } & \$ 535,000 \\ \hline \text { Purchases (excluding freight in) } & 305,500 \\ \hline \text { Selling and administrative expenses } & 37,000 \\ \hline \text { Freight in } & 15,500 \\ \hline \text { Beginning inventory } & 43,500 \\ \hline \text { Ending inventory } & 59,500 \\ \hline \end{array}\] How much is the gross profit for 2017?

A) $305,000 B) $230,000 C) $229,500 D) $267,000 A) $305,000 B) $230,000 C) $229,500 D) $267,000

Exam 19: Introduction to Managerial Accounting and the Master Budget

Purchases for May were $104,000,while expected purchases for June and July are $121,000 and $139,000,respectively.All purchases are paid 75% in the month of purchase and 25% the following month.Calculate the budgeted payments for the month of June.

(Multiple Choice)

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Question 61

Nobell Ltd has a cash balance of $22,000 on 1 April 2017.It is now preparing the cash budget for the second quarter.Budgeted cash collections and payments are as follows: Apr May Jun Cash collections \ 20,000 \ 22,000 \ 25,000 Cash payments Purchases of inventory 5300 5800 4000 Operating expenses 6000 3500 6000 There are no budgeted capital expenditures or financing transactions during the quarter.Based on the above data,calculate the projected cash balance at the end of April.

(Multiple Choice)

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Question 62

Which of the following statements is TRUE about the operating budget?

(Multiple Choice)

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Question 63

In preparing an operating budget,the sales budget is prepared first.Which of the following is the last component of the operating budget?

(Multiple Choice)

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Question 64

A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet.To provide the balance for Retained earnings,which document should be used?

(Multiple Choice)

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Question 65

Some of the costs of a service company are called period costs and others are non-service costs.

(True/False)

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Question 66

Fireox Company's selected cost data for 2017 are shown below: Cost of goods manufactured \ 147,700 Work in process inventory, 1 Jan 2017 19,000 Work in process inventory, 31 Dec 2017 20,500 Direct materials used 18,100 What is the total of manufacturing costs incurred by Fireox Company in 2017?

(Multiple Choice)

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Question 67

Inventoriable product costs only include the costs to get the inventory in the warehouse.

(True/False)

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Question 68

Which of the following is NOT a part of manufacturing overhead?

(Multiple Choice)

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Question 69

Management is accountable to various government bodies in which of the following ways?

(Multiple Choice)

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Question 70

Damsel Ltd is a large manufacturer of car tyres.Damsel has provided the following information: Sales revenue \ 50,000 Beginning finished goods inventory 19,000 Cost of sales 36,000 Cost of goods manufactured 45,500 Calculate the amount of ending finished goods inventory reported in Damsel's balance sheet.

(Multiple Choice)

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Question 71

Which of the following is an example of the coordination and communication function of a budget?

(Multiple Choice)

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Question 72

June sales were $33,000,while projected sales for July and August were $45,000 and $69,000,respectively.Sales are 40% cash and 60% credit.All credit sales are collected in the month following the sale.Calculate expected collections for July.

(Multiple Choice)

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Question 73

Which of the following is a characteristic of a service company?

(Multiple Choice)

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Question 74

Which of the following properly describes the accounting for factory depreciation?

(Multiple Choice)

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Question 75

Management must get employees to accept the budget's goals in order to effectively use the budget as a benchmark for evaluating performance.

(True/False)

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Question 76

Which of the following could be found on the income statement of a service company?

(Multiple Choice)

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Question 77

What is the name given to software systems that can integrate all of a company's worldwide functions,departments and data into a single system?

(Multiple Choice)

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Question 78

Which of the following formulas represents cost of sales for a retailing business?

(Multiple Choice)

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Question 79

Crystal Ltd is a retailer of stone ornaments.It sold 15 000 units in 2017.The company has provided the following information: Sales revenue \ 535,000 Purchases (excluding freight in) 305,500 Selling and administrative expenses 37,000 Freight in 15,500 Beginning inventory 43,500 Ending inventory 59,500 How much is the gross profit for 2017?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 170

Purchases for May were $104,000,while expected purchases for June and July are $121,000 and $139,000,respectively.All purchases are paid 75% in the month of purchase and 25% the following month.Calculate the budgeted payments for the month of June.

Which of the following statements is TRUE about the operating budget?

In preparing an operating budget,the sales budget is prepared first.Which of the following is the last component of the operating budget?

A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet.To provide the balance for Retained earnings,which document should be used?

Some of the costs of a service company are called period costs and others are non-service costs.

Fireox Company's selected cost data for 2017 are shown below: Cost of goods manufactured \ 147,700 Work in process inventory, 1 Jan 2017 19,000 Work in process inventory, 31 Dec 2017 20,500 Direct materials used 18,100 What is the total of manufacturing costs incurred by Fireox Company in 2017?

Inventoriable product costs only include the costs to get the inventory in the warehouse.

Which of the following is NOT a part of manufacturing overhead?

Management is accountable to various government bodies in which of the following ways?

Which of the following is an example of the coordination and communication function of a budget?

June sales were $33,000,while projected sales for July and August were $45,000 and $69,000,respectively.Sales are 40% cash and 60% credit.All credit sales are collected in the month following the sale.Calculate expected collections for July.

Which of the following is a characteristic of a service company?

Which of the following properly describes the accounting for factory depreciation?

Management must get employees to accept the budget's goals in order to effectively use the budget as a benchmark for evaluating performance.

Which of the following could be found on the income statement of a service company?

What is the name given to software systems that can integrate all of a company's worldwide functions,departments and data into a single system?

Which of the following formulas represents cost of sales for a retailing business?

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities,debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

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