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Managerial Accounting Exam 2

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The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash). 1) Acquired $2,100 of capital from the owners. 2) Purchased $410 of direct raw materials. 3) Used $310 of these direct raw materials in the production process. 4) Paid production workers $510 cash. 5) Paid $310 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 250 units of inventory. 7) Sold 160 units at a price of $6 each. 8) Paid $150 for selling and administrative expenses. The amount of cost of goods manufactured would be: $1,030. $830. $1,230. $1,130.

$1,130.

Cheyenne Company has budgeted the following information for June: Cash receipts $271,000 Beginning cash balance $5,000 Cash payments $280,000 Desired ending cash balance $25,000 If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments, and interest is paid monthly at 1% on the first day of the following month. The company had no debt before June 1. The amount of interest paid on July 1 would be: -$290. -$400. -$221. -$250.

$290.

The Ferguson Company estimated that October sales would be 100,000 units with an average selling price of $6.00. Actual sales for October were 105,000 units, and average selling price was $5.95. The sales volume variance was: -$30,000 favorable. -$30,000 unfavorable. -$29,750 favorable. -$29,750 unfavorable.

$30,000 favorable.

The Ferguson Company estimated that October sales would be 100,000 units with an average selling price of $6.00. Actual sales for October were 105,000 units, and average selling price was $5.95. The sales volume variance was: -$30,000 unfavorable. -$29,750 unfavorable. -$30,000 favorable. -$29,750 favorable.

$30,000 favorable.

The Ferguson Company estimated that October sales would be 100,000 units with an average selling price of $6.00. Actual sales for October were 105,000 units, and average selling price was $5.95. The sales volume variance was: -$29,750 favorable. -$30,000 favorable. -$30,000 unfavorable. -$29,750 unfavorable.

$30,000 favorable.

The Ferguson Company estimated that October sales would be 100,000 units with an average selling price of $6.00. Actual sales for October were 105,000 units, and average selling price was $5.95. The sales volume variance was: -$30,000 favorable. -$29,750 favorable. -$29,750 unfavorable. -$30,000 unfavorable.

$30,000 favorable.

Washington Company made the following estimates for the current accounting period: Overhead costs: $250,000 Direct labor hours: 50,000 If 7,000 hours of labor are actually used in February, how much overhead cost would be allocated to work in process during the month? Assume overhead to be allocated on the basis of direct labor hours. -$35,000 -$20,833 -$35,714 -$7,000

$35,000

Benton Company's sales budget shows the following expected total sales: Month Sales January $23,000 February $32,000 March $37,000 April $42,000 The company expects 80% of its sales to be on account (credit sales). Credit sales are collected as follows: 25% in the month of sale and 71% in the month following the sale, with the remainder being uncollectible and written off. The total cash receipts during April would be: -$27,605. -$22,050. -$37,816. -$22,200.

$37,816

The Boyle Company estimated that April sales would be 150,000 units with an average selling price of $6.00. Actual sales for April were 149,000 units, and average selling price was $6.12.The sales volume variance was: -$6,120 favorable. -$6,000 unfavorable. -$17,880 favorable. -$17,880 unfavorable.

$6,000 unfavorable.

Jones Company developed the following static budget at the beginning of the company's accounting period: Revenue (8,000 units)$16,000 Variable costs 4,000 Contribution margin$12,000 Fixed costs 4,000 Net income$8,000 If actual production totals 8,200 units, the flexible budget would show total costs of: -$8,200. -None of these are correct. -$8,100. -$8,000.

$8,100.

White Company budgeted for $236,500 of fixed overhead cost and volume of 43,000 units. During the year, the company produced and sold 42,000 units and spent $245,100 on fixed overhead.The fixed overhead cost spending variance is: -$8,600 unfavorable. -$5,500 unfavorable. -$5,500 favorable. -$8,600 favorable.

$8,600 unfavorable.

White Company budgeted for $258,000 of fixed overhead cost and volume of 43,000 units. During the year, the company produced and sold 42,000 units and spent $266,600 on fixed overhead.The fixed overhead cost spending variance is: -$6,000 unfavorable. -$8,600 unfavorable. -$8,600 favorable. -$6,000 favorable.

$8,600 unfavorable.

White Company budgeted for $275,900 of fixed overhead cost and volume of 44,500 units. During the year, the company produced and sold 43,500 units and spent $284,800 on fixed overhead.The fixed overhead cost spending variance is: -$8,900 favorable. -$8,900 unfavorable. -$6,200 favorable. -$6,200 unfavorable.

$8,900 unfavorable.

Ringgold Company had beginning finished goods of $18,500. During the period, the company produced goods that cost $77,500. If the ending balance in the Finished Goods Inventory account was $12,500, the amount of cost of goods sold was: -$71,500. -$77,500. -$83,500. -none of these answers are correct.

$83,500.

Skymont Company wants an ending inventory each month equal to 30% of that month's cost of goods sold. Cost of goods sold for February is projected at $89,000. Ending inventory at the end of January was $30,000. Based on this information, purchases for February would be: -$67,640. -$59,000. -$97,640. -$85,700.

$85,700.

White Company budgeted for $309,400 of fixed overhead cost and volume of 45,500 units. During the year, the company produced and sold 44,500 units and spent $318,500 on fixed overhead.The fixed overhead cost spending variance is: -$9,100 unfavorable. -$6,800 favorable. -$6,800 unfavorable. -$9,100 favorable.

$9,100 unfavorable.

Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first quarter of Year 2: Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2 (Actual) (Budgeted) (Budgeted) (Budgeted) $49,000 $79,000 $99,000 $69,000 Desired ending inventory levels are 25% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February Year 2 would be: -$96,300. -$91,500. -$110,880. -$79,200.

$91,500.

Ferguson Company sold goods that had cost $950 to manufacture. How does this transaction affect the financial statements? Assets=Liabilities+EquityRevenue−Expenses=Net Income -(950)=(950)+NANA−NA=NA -(950)=NA+950NA−950=950 -950=NA+(950)NA−950=(950) -(950)=NA+(950)NA−950=(950)

(950)=NA+(950)NA−950=(950)

Which of the following equations can be used to compute a labor price variance? (A = Actual; S = Standard; H = Hour; P = Price) -(AH × SP) − (SH × SP) -(AH × AP) − (SH × SP) -(SH × SP) − (SH × SP) -(AH × AP) − (AH × SP)

(AH × AP) − (AH × SP)

Which of the following equations can be used to compute the total materials variance? (A = Actual; S = Standard; Q = Quantity; P = Price) -(AQ × AP) − (SQ × SP) -(SQ × SP) − (SQ × SP) -(AQ × SP) − (SQ × SP) -(AQ × AP) − (AQ × SP)

(AQ × AP) − (SQ × SP)

What is the result when the quantity of materials used is less than the standard quantity? -An unfavorable materials price variance -A favorable materials usage variance -A favorable materials price variance -An unfavorable materials usage variance

A favorable materials usage variance

Select the correct statement regarding flexible budgets. -A flexible budget is also known as the master budget. -A flexible budget is not used for planning. -A flexible budget shows expected revenues and costs at a variety of activity levels. -A flexible budget can only be prepared for a single level of activity.

A flexible budget shows expected revenues and costs at a variety of activity levels.

Select the response that best illustrates the point that product cost flows are cyclical and occur in a specific sequence. -Acquire finished goods, acquire raw materials, convert raw materials, collect cash -Collect cash, acquire raw materials, sell finished goods -Acquire raw materials, convert raw materials, sell finished goods, collect cash -Sell finished goods, collect cash, acquire raw materials

Acquire raw materials, convert raw materials, sell finished goods, collect cash

With regards to financial statements, "pro forma" means: -All of the answers are correct. -Budgeted. -Prepared in advance. -Financial condition or position that can be expected if planning assumptions prove correct.

All of the answers are correct.

Which of the following items typically found on the selling and administrative expense budget will also impact the cash budget? -Advertising expense -Depreciation expense -Both administrative salaries and advertising expense are correct. -Administrative salaries

Both administrative salaries and advertising expense are correct.

Sometimes employees will deliberately overstate the amount of materials and/or labor that should be required to complete a job. The difference between inflated and realistic standards is known as: -Budget slack. -Making the numbers. -Lowballing. -Cooking the books.

Budget slack.

Which of the following would not be included in a selling and administrative expenses budget? -Budgeted rent expense -Budgeted salary expenses -Budgeted interest expense -Cash payments for selling and administrative expenses

Budgeted interest expense

Budgeted depreciation expense would not appear on a: -Selling and administrative expense budget. -All of the answers are correct. -Cash budget. -Budgeted income statement.

Cash budget.

Grimes Company sold 2,500 units that had cost $12,000 to produce. The recording of the sale would include an increase to: -Finished Goods Inventory. -Cost of Goods Manufactured. -Cost of Goods Sold. -Manufacturing Overhead.

Cost of Goods Sold.

Grimes Company sold 2,500 units that had cost $12,000 to produce. The recording of the sale would include an increase to: -Finished Goods Inventory. -Manufacturing Overhead. -Cost of Goods Sold. -Cost of Goods Manufactured.

Cost of Goods Sold.

Select the correct equation format for the purchases budget. -Cost of budgeted sales + beginning inventory - desired ending inventory = required purchases. -Beginning inventory + expected sales = required purchases. -Beginning inventory + expected sales - desired ending inventory = required purchases. -Cost of budgeted sales + desired ending inventory - beginning inventory = required purchases.

Cost of budgeted sales + desired ending inventory - beginning inventory = required purchases.

Global Company makes a product that is expected to use 2.2 pounds of material per unit of product. The material has a standard cost of $2 per pound. Global actually used 2.3 pounds of material per unit of product made in January. The actual cost of material was $1.95 per pound. Based on this information alone, the materials variances for the January production would be: -Favorable for price and unfavorable for usage. -Unfavorable for price and unfavorable for usage. -Unfavorable for price and favorable for usage. -Favorable for price and favorable for usage.

Favorable for price and unfavorable for usage.

Which of the following statement(s) is/are correct? A predetermined overhead rate is used to assign estimated overhead costs to work in process inventory. The predetermined overhead rate is calculated by dividing estimated overhead cost by the estimated volume or level of activity. The most common means of allocating overhead costs is to calculate a predetermined overhead rate at the end of the period. -II -I and III -I -I and II

I and II

Which of the following is generally included in a sales budget? -Schedule of cash payments for inventory purchases -Budgeted cost of goods sold -Desired ending inventory -Schedule of cash receipts for the projected sales

Schedule of cash receipts for the projected sales

Which of the following is generally included in a sales budget? -Schedule of cash payments for inventory purchases -Desired ending inventory -Schedule of cash receipts for the projected sales -Budgeted cost of goods sold

Schedule of cash receipts for the projected sales

Which of the following statements regarding the schedule of cost of goods manufactured and sold is correct? -The schedule is an internal document that is not presented with the company's financial statements, and, in addition, the schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period. -The schedule of cost of goods manufactured and sold shows the amount of cash paid for raw materials. -The schedule is an internal document that is not presented with the company's financial statements. -The schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period.

The schedule is an internal document that is not presented with the company's financial statements, and, in addition, the schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period.

Which of the following statements regarding the schedule of cost of goods manufactured and sold is correct? -The schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period. -The schedule of cost of goods manufactured and sold shows the amount of cash paid for raw materials. -The schedule is an internal document that is not presented with the company's financial statements. -The schedule is an internal document that is not presented with the company's financial statements, and, in addition, the schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period.

When would a sales variance be listed as favorable? -When actual sales exceed budgeted or expected sales -None of these answers are correct. -When actual sales are equal to budgeted or expected sales -When actual sales are less than budgeted or expected sales

When actual sales exceed budgeted or expected sales

When would a sales variance be listed as favorable? -When actual sales exceed budgeted or expected sales -When actual sales are less than budgeted or expected sales -None of these answers are correct. -When actual sales are equal to budgeted or expected sales

When actual sales exceed budgeted or expected sales

When would a sales price variance be listed as unfavorable? -When the actual sales price is equal to the standard sales price. -When the actual sales price is less than the standard sales price. -When the actual sales price is greater than the standard sales price. -When the actual sales volume is less than the budgeted sales volume.

When the actual sales price is less than the standard sales price.

Purchasing production supplies for cash is a(n): -claims exchange transaction. -asset use transaction. -asset exchange transaction. -asset source transaction.

asset exchange transaction.

Cost of goods sold is equal to the cost of goods: -manufactured minus beginning finished goods. -available for sale minus beginning finished goods. -manufactured minus ending finished goods. -available for sale minus ending finished goods.

available for sale minus ending finished goods.

Company X manufactures 3-ring notebooks. All of the following are considered indirect costs except: -salaries for production supervisors. -cardboard used in production of the notebooks. -depreciation on manufacturing equipment. -factory utilities.

cardboard used in production of the notebooks.

The sales volume variance is the difference between the: -static budget (based on actual volume) and the flexible budget (based on planned volume). -static budget (based on planned volume) and the flexible budget (based on actual volume). -static budget (based on planned volume) and actual revenue or cost. -flexible budget (based on actual volume) and actual revenue or cost.

static budget (based on planned volume) and the flexible budget (based on actual volume).

The sales volume variance is the difference between the: -static budget (based on planned volume) and the flexible budget (based on actual volume). -static budget (based on actual volume) and the flexible budget (based on planned volume). -flexible budget (based on actual volume) and actual revenue or cost. -static budget (based on planned volume) and actual revenue or cost.

static budget (based on planned volume) and the flexible budget (based on actual volume).

Bates Company recognized $16,000 of estimated manufacturing overhead costs at the end of the month. As a result of this transaction the: -temporary account manufacturing overhead decreases and the work in process account increases. -temporary account manufacturing overhead decreases and the wages expense account increases. -temporary account manufacturing overhead increases and the work in process account decreases. -none of these answers are correct.

temporary account manufacturing overhead decreases and the work in process account increases.

Product costs are expensed as cost of goods sold: -when production is complete. -when the related revenue is collected. -at the start of production. -when the related products are sold.

when the related products are sold.

The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash). 1) Acquired $2,800 of capital from the owners. 2) Purchased $480 of direct raw materials. 3) Used $390 of these direct raw materials in the production process. 4) Paid production workers $580 cash. 5) Paid $380 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 300 units of inventory. 7) Sold 230 units at a price of $6 each. 8) Paid $220 for selling and administrative expenses. The amount of cost of goods manufactured would be: -$1,050. -$1,350. -$1,450. -$1,250.

$1,350.

Johnson Company estimates that its production workers will work 88,000 direct labor hours to produce 8,800 units during the upcoming period and that overhead costs will amount to $880,000. During the year, its manufacturing employees actually worked 100,000 direct labor hours to produce 10,000 units and incurred $1,100,000 of overhead costs. Because the goods made by Johnson are homogeneous (that is, they are identical), the company has decided it makes sense to use number of units as the allocation base for overhead. Based on this information the predetermined overhead rate is: -$110.00 per unit. -$11.00 per direct labor hour. -$100.00 per unit. $10.00 per direct labor hour.

$100.00 per unit.

The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) $8.00 Direct labor (2 hours @ $14 per hour) $28.00 During the period, the company produced and sold 25,000 units, incurring the following costs: Direct material53,000gallons@$3.90per gallon Direct labor50,500hours@$13.75per hour -$12,000 unfavorable. -$11,700 unfavorable. -$11,700 favorable. -$12,000 favorable.

$12,000 unfavorable.

Frost Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash.) 1) Acquired $1,400 of capital from the owners. 2) Purchased $360 of direct raw materials. 3) Used $240 of these direct raw materials in the production process. 4) Paid production workers $440 cash. 5) Paid $240 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 200 units of inventory. 7) Sold 90 units at a price of $6 each. 8) Paid $80 for selling and administrative expenses. The amount of raw material inventory on the balance sheet at the end of the accounting period would be: -$240. -$360. -$120. -$0.

$120.

Stafford Company prepared a static budget for a production and sales volume of 10,000 units. Per unit standards Static Budget Number of units 10,000 Sales revenue$65.00 $650,000 Variable manufacturing costs: Materials$11.00 110,000 Labor$9.00 90,000 Overhead$4.20 42,000 Variable general, selling, and administrative costs$11.00 110,000 Contribution margin $298,000 Fixed costs Manufacturing overhead 100,800 General, selling, and administrative costs 45,000 Net income $152,200 What is the net income if 9,000 units are sold? -$152,400 -$152,100 -$122,400 -$137,300

$122,400

Compton Company expects the following total sales: Month Sales March $21,000 April $11,000 May $33,000 June $16,000 The company expects 60% of its sales to be credit sales and 40% for cash. Credit sales are collected as follows: 30% in the month of sale, 70% in the month following the sale. The budgeted accounts receivable balance on May 31 is: Multiple Choice -$15,925. -$13,860. -$15,240. -$24,750.

$13,860.

Frost Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash.) 1) Acquired $1,700 of capital from the owners. 2) Purchased $405 of direct raw materials. 3) Used $270 of these direct raw materials in the production process. 4) Paid production workers $470 cash. 5) Paid $270 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 250 units of inventory. 7) Sold 120 units at a price of $6 each. 8) Paid $110 for selling and administrative expenses. The amount of raw material inventory on the balance sheet at the end of the accounting period would be: Multiple Choice -$405. -$270. -$135. -$0.

$135.

Burruss Company developed a static budget at the beginning of the company's accounting period based on an expected volume of 8,000 units: Per UnitRevenue $4.00 Variable costs $1.50 Contribution margin $2.50 Fixed costs $2.00 Net income $0.50 If actual production totals 10,000 units, which is within the relevant range, the flexible budget would show fixed costs of: -$16,000. -$2 per unit. -$20,000. -None of these answers are correct.

$16,000.

Frost Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash.) 1) Acquired $2,800 of capital from the owners. 2) Purchased $570 of direct raw materials. 3) Used $390 of these direct raw materials in the production process. 4) Paid production workers $580 cash. 5) Paid $380 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 300 units of inventory. 7) Sold 230 units at a price of $6 each. 8) Paid $220 for selling and administrative expenses. The amount of raw material inventory on the balance sheet at the end of the accounting period would be: -$390. -$570. -$0. -$180.

$180

Travis Company had no beginning work in process or finished goods. Its total manufacturing costs for the year were $866,000. If cost of goods manufactured was $670,000 and cost of goods sold was $509,000, the amount of ending work in process would have been: -$196,000. -$705,000. -$161,000. -$357,000.

$196,000.

Scranton Company expects to begin operating on July 1, Year 1. The company's master budget contained the following operating expense budget: July August SeptemberSalary expense$36,000 $36,000 $36,000 Sales commissions, 5% of sales 30,000 32,000 24,000 Utilities 2,800 2,800 2,800 Depreciation on store equipment 1,000 1,000 1,000 Rent 7,200 7,200 7,200 Miscellaneous 1,800 1,800 1,800 Total operating expenses$78,800 $80,800 $72,800 Sales commissions are paid in cash in the month following the month in which the expense is recognized. All other expense items requiring cash payment are paid in the month in which they are recognized. The amount of commissions payable that would appear on the company's pro forma balance sheet as of September 30, Year 1 is: -$36,000. -$24,000. -$32,000. -$30,000.

$24,000.

The following budget information is available for the Arch Company for January Year 2: Sales $860,000 Cost of goods sold $540,000 Utilities expense $2,800 Administrative salaries $100,000 Sales commissions 5% of sales Advertising $20,000 Depreciation on store equipment $50,000 Rent on administration building $60,000 Miscellaneous administrative expenses $10,000 All operating expenses are paid in cash in the month incurred. Compute the total budgeted selling and administrative expenses (excluding interest) amount for January Year 2. -$285,800 -$283,000 -$262,500 -$240,000

$285,800

Shia Company makes a product that is expected to require 3 hours of labor per unit of product. The standard cost of labor is $5.40. Shia actually used 3.10 hours of labor per unit of product. The actual cost of labor was $5.50 per hour. Shia made 1,600 units of product during the period. Based on this information alone, the labor price variance is: -$496 favorable. -$480 unfavorable. -$496 unfavorable. -$480 favorable.

$496 unfavorable.

The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $2 per gallon) $6.00 Direct labor (2 hours @ $10 per hour) $20.00 During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material 72,000 gallons @ $1.90 per gallon Direct labor46,500 hours @ $9.75 per hour The direct labor usage variance was: -$5,000 unfavorable. -$5,000 favorable. -$4,875 unfavorable. -$4,875 favorable.

$5,000 unfavorable.

The Ferguson Company estimated that October sales would be 100,000 units with an average selling price of $6.00. Actual sales for October were 105,000 units, and average selling price was $5.95.The sales revenue flexible budget variance was: -$5,000 favorable. -$5,000 unfavorable. -$5,250 favorable. -$5,250 unfavorable.

$5,250 unfavorable.

Tucker Company's Work in Process account decreased by $1,000, while its Finished Goods Inventory account increased by $500. Assuming total manufacturing costs were $5,000, what was the company's cost of goods sold amount? -$5,500 -$4,500 -$4,000 -$3,500

$5,500

The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $6.00 Direct labor (1 hours @ $13 per hour) $13.00 During the period, the company produced and sold 24,000 units, incurring the following costs: Direct material 51,000 gallons @ $2.90 per gallon Direct labor 24,500 hours @ $12.75 per hour The direct labor price variance was: -$6,000 favorable. -$6,000 unfavorable. -$6,125 unfavorable. -$6,125 favorable.

$6,125 favorable.

$8,100.

Assuming actual volume is 10,000 units and planned volume is 12,000 units, the sales volume variance in units: -Equals 2,000 units unfavorable. -Equals 2,000 units favorable. -Cannot be determined without additional information. -None of these answers are correct.

Equals 2,000 units unfavorable.

Assuming actual volume is 10,000 units and planned volume is 12,000 units, the sales volume variance in units: -None of these answers are correct. -Equals 2,000 units unfavorable. -Cannot be determined without additional information. -Equals 2,000 units favorable.

Equals 2,000 units unfavorable.

The cost of indirect labor will initially be charged to: -Wages Expense. -Manufacturing Overhead. -Finished Goods Inventory. -Cost of Goods Sold.

Manufacturing Overhead.

Which manager is generally held responsible for the sales volume variance? -Production manager -Marketing manager -Purchasing agent -Plant manager

Marketing manager

Which manager is generally held responsible for the sales volume variance? -Purchasing agent -Marketing manager -Production manager -Plant manager

Marketing manager

Which of the following is not an inventory account maintained by a manufacturing company? -Raw materials inventory -Merchandise inventory -Finished goods inventory -Work in process inventory

Merchandise inventory

Which range of difficulty should normally be used to develop standards? -Inflated standards -Ideal standards -Practical standards -Lax standards

Practical standards

Standards that do allow for normal downtime and can be achieved with reasonable amounts of effort are known as: -Ideal standards. -Lax Standards. -Practical standards. -Exceptional standards.

Practical standards.

Standards that do allow for normal downtime and can be achieved with reasonable amounts of effort are known as: -Exceptional standards. -Lax Standards. -Ideal standards. -Practical standards.

Practical standards.

Which manager is usually held responsible for labor price variances? -Sales manager -Purchasing agent -Production supervisor -Marketing manager

Production supervisor

Which of the following is not an advantage of budgeting? -Forces coordination among departments to promote decisions in the best interests of the company as a whole -Provides assurance that accounting records are in accordance with generally accepted accounting principles -Provides a way to evaluate performance -Provides advance notice of potential shortages, bottlenecks, or other weaknesses in operating plans

Provides assurance that accounting records are in accordance with generally accepted accounting principles

Select the response that indicates the correct sequence of product cost flows from production to sale. -Cost of goods sold, finished goods, work in process, and raw materials -Raw materials, finished goods, and cost of goods sold -Work in process, finished goods, and cost of goods sold -Raw materials, work in process, finished goods, and cost of goods sold

Raw materials, work in process, finished goods, and cost of goods sold

The inventory purchases budget is based on which budget? -None of the answers are correct. -Selling and administrative expense budget -Cash budget -Sales budget

Sales budget

Which of the following accounts would appear on the sales budget and the pro forma income statement? -Both sales revenue and accounts receivable are correct -Selling and administrative expenses -Sales revenue -Accounts receivable

Sales revenue

Which of the following statements regarding the schedule of cost of goods manufactured and sold is correct? -The schedule of cost of goods manufactured and sold shows the amount of cash paid for raw materials. -The schedule is an internal document that is not presented with the company's financial statements. -The schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period. -The schedule is an internal document that is not presented with the company's financial statements, and, in addition, the schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period.

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