Diemans Ltd has provided a part of its budget for the second quarter: \[\begin{array} { | l | l | l | l | } \hline & { \text { Apr } } & { \text { May } } &{ \text { June } } \\ \hline \text { Cash collections } & \$ 42,000 & \$ 45,000 & \$ 43,000 \\ \hline \text { Cash payments: } & & & \\ \hline \text { Purchases of inventory } & 7200 & 5000 & 5000 \\ \hline \text { Operating expenses } & 7000 & 6400 & 5200 \\ \hline \text { Capital expenditures } & 4600 & 0 & 4600 \\ \hline \end{array}\] The cash balance on 1 April is $14,000.Assume that there will be no financing transactions or costs during the quarter.Calculate the cash balance at the end of June.

A) $70,800 B) $113,800 C) $37,200 D) $99,000 A) $70,800 B) $113,800 C) $37,200 D) $99,000

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: \[\begin{array} { | l | l | l | l | } \hline & \text { Apr } & \text { May } & \text { June } \\ \hline \text { Cash collections } & \$ 25,000 & \$ 22,000 & \$ 24,000 \\ \hline \text { Cash payments: } & & & \\ \hline \text { Purchases of inventory } & \$ 300 & 4600 & 4000 \\ \hline \text { Operating expenses } & \$ 000 & 6000 & 5300 \\ \hline \end{array}\] 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 May.

A) $57,700 B) $22,000 C) $47,100 D) $53,100 A) $57,700 B) $22,000 C) $47,100 D) $53,100

Jasper Ltd reports the following cost information for March: \[\begin{array} { | l | l | } \hline \text { Cost of goods manufactured } & \$ 74,000 \\ \hline \text { Manufacturing overhead } & 19,000 \\ \hline \text { Finished goods inventory, 1 March } & 6000 \\ \hline \text { Finished goods inventory, 31 March } & 3000 \\ \hline \text { Work in process inventory, 1 March } & 9620 \\ \hline \text { Work in process inventory, 31 March } & 1180 \\ \hline \text { Direct materials used } & 25,250 \\ \hline \end{array}\] What is the amount of direct labour incurred by Jasper in March?

A) $65,560 B) $74,000 C) $21,310 D) $6250 A) $65,560 B) $74,000 C) $21,310 D) $6250

Exam 19: Introduction to Managerial Accounting and the Master Budget

Diemans Ltd has provided a part of its budget for the second quarter: Apr May June Cash collections \ 42,000 \ 45,000 \ 43,000 Cash payments: Purchases of inventory 7200 5000 5000 Operating expenses 7000 6400 5200 Capital expenditures 4600 0 4600 The cash balance on 1 April is $14,000.Assume that there will be no financing transactions or costs during the quarter.Calculate the cash balance at the end of June.

(Multiple Choice)

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Question 161

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 June Cash collections \ 25,000 \ 22,000 \ 24,000 Cash payments: Purchases of inventory \ 300 4600 4000 Operating expenses \ 000 6000 5300 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 May.

(Multiple Choice)

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Question 162

The master budget includes three components-the operating budget,the capital expenditures budget and the financial budget.

(True/False)

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Question 163

Inventoriable product costs are expensed in the period in which they are incurred.

(True/False)

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Question 164

Jasper Ltd reports the following cost information for March: Cost of goods manufactured \ 74,000 Manufacturing overhead 19,000 Finished goods inventory, 1 March 6000 Finished goods inventory, 31 March 3000 Work in process inventory, 1 March 9620 Work in process inventory, 31 March 1180 Direct materials used 25,250 What is the amount of direct labour incurred by Jasper in March?

(Multiple Choice)

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Question 165

Budgets provide benchmarks that help managers evaluate performance.

(True/False)

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Question 166

Which of the following is an example of the planning function of a budget?

(Multiple Choice)

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Question 167

Which of the following BEST describes the value chain?

(Multiple Choice)

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Question 168

Which of the following is NOT an objective of management accounting?

(Multiple Choice)

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Question 169

All of the following are examples of manufacturing overhead,EXCEPT for:

(Multiple Choice)

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Question 170

The master budget includes three components-the operating budget,the capital expenditures budget and the financial budget.

Inventoriable product costs are expensed in the period in which they are incurred.

Budgets provide benchmarks that help managers evaluate performance.

Which of the following is an example of the planning function of a budget?

Which of the following BEST describes the value chain?

Which of the following is NOT an objective of management accounting?

All of the following are examples of manufacturing overhead,EXCEPT for:

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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