Accounting 2 : Exam 2 : Ch. 8
what consist of collections on credit sales made to customers in prior periods plus collections on sales made in the current budget period
Cash Collections
what is the most common significant noncash MOH cost?
Depreciation
what budget shows the direct labor hours required to satisfy the production budget?
Direct Labor Budget
What budgets are needed to calculate unit product costs? Cash Budget Selling and Admin Budget MOH Budget DM Budget DL Budget
MOH, DM, DL budgets
What budget shows all cost of production other than DM and DL?
Manufacturing Overhead Budget
What involves developing goals and preparing various budgets to achieve those goals?
Planning
Company's master budget shows expected sales of 10,000 units and expected production of 11,000 unites for the month of March. Each unit requires 1/2 hour of DL. DL rate is $15 per hour. Calculate the expected total DL cost for the month of March.
$82,500 11,000 x 1/2 = 5500 x $15
The desired ending RM inventory for the year is the same as the desired ending inventory for which quarter?
4th quarter
a budgeted balance sheet is developed using data from the _______ of the budgeted period and data contained in the various schedules
Beginning
When preparing a DM purchase budget, which of the following is needed to calculate the raw materials to be purchased? Beginning Inventory of RM Ending finished goods inventory Budgeted unit sales RM required per unit
Beginning Inventory of RM & RM Required per Unit
What is a quantitative plan for acquiring and using resources over a specified time period?
Budget
which of the following is related to submitting a budget that is too easy to attain? Budget Target Budgetary Slack Master Budget Responsibility Accounting
Budgetary Slack
What shows a company's planned net profit and serves as a benchmark against which subsequent company performance can be measured?
Budgeted Income Statement
what is multiplied by the budgeted unit sales to obtain total sales on the sales budget? Budgeted Unit Sales Sales Price per unit Number of Units
Sales price per unit
A manager who is unable to meet a budget that has been imposed from above can always say that the budget was unrealistic and impossible to meet. With what kind of budget is this excuse not plausible?
Self-Imposed Budget
Getting feedback to ensure that the plan is being followed is referred to as ______
control
The ending finished goods inventory budget computes the: # of sold units cost of sold units number of unsold units cost of unsold units
cost of unsold units
The first line of the DL budget consist of the budgeted units expected to be ________ during the period
produced
Which of the following is NOT found in the financing section of the cash budget? Borrowing Interest Repayments Cash Deficiency
Cash Deficiency
On the cash budget, what is subtracted from total cash available to find the cash excess or deficiency?
Cash Disbursements
Which of the following types of budgets keep managers focused one year ahead, so they do not become too narrowly focused on short-term results? Self-Imposed Continuous Production Perpetual
Continuous Perpetual
DM purchases, DL payments, MOH costs are all listed in which section of the cash budget? Receipts Cash excess or deficiency Financing Disbursements
Disbursements
what budget shows the amount of goods for resale to be purchased from suppliers during the period?
Merchandise Purchases Budget
What budget shows the # of units that must be produced to satisfy sales needs and to provide for the desired ending inventory?
Production Budget
Production Budget and S&A Expense Budget are prepared using information directly from which budget?
Sales Budget
what budget shows the budgeted expenses for areas other than manufacturing?
Sales and Administrative Budget