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Exam 21: Budgeting

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Question 21

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Production and sales estimates for June are as follows: ​ ​ The number of units expected to be manufactured in June is

A) 11,000
B) 12,500
C) 15,500
D) 13,500

E) B) and C)
F) A) and D)

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Question 22

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Rodger's Cabinet Manufacturers uses flexible budgets that are based on the following manufacturing data for the month of July: ​ Prepare a flexible budget for Rodger's based on production of 10,000,15,000,and 20,000 units.

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Question 23

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Budgets are prepared in the Accounting Department and monitored by various department managers.

Past performance is the best overall basis for evaluating current performance and assessing the need for corrective action.

The financial budgets of a business include the cash budget,the budgeted income statement,and the budgeted balance sheet.

If the expected sales volume for the current period is 9,000 units,the desired ending inventory is 200 units,and the beginning inventory is 300 units,the number of units set forth in the production budget,representing total production for the current period,is

Budget preparation is best determined in a top-down managerial approach.

Budgeted production for product ZZZ during the month is

The task of preparing a budget should be the sole task of the most important department in an organization.

The first budget to be prepared is usually the production budget.

What is the amount of the deficiency or excess cash (after considering the minimum cash balance required) for January?

The cash budget is affected by the sales budget,the various budgets for manufacturing costs and operating expenses,and the capital expenditures budget.

An October sales forecast projects 7,000 units are going to be sold at a price of $11.50 per unit.The desired ending iventory in units is 15% higher than the beginning inventory of 1,000 units.Total October sales are anticipated to be

A series of budgets for varying rates of activity is termed a(n)

The cash collections expected in October from accounts receivable are estimated to be

Southern Company is preparing a cash budget for April.The company has $12,000 cash at the beginning of April and anticipates $30,000 in cash receipts and $34,500 in cash disbursements during April.Southern Company has an agreement with its bank to maintain a minimum cash balance of $10,000.To maintain the required balance during April,the company must

Osprey Cycles,Inc.projected sales of 75,000 bicycles for the year.The estimated January 1 inventory is 5,000 units,and the desired December 31 inventory is 8,000 units.What is the budgeted production (in units)for the year?

Production and sales estimates for June are as follows: ​ The number of units expected to be manufactured in June is

Production and sales estimates for June are as follows: ​ ​ The budgeted total sales for June is

What is the amount of cash excess or deficiency (after considering the minimum cash balance required) for March?