Accounting Test #3

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Expenses are paid in the month incurred. if the company has budgeted to sell 8,000 blenders in October, how much is the total budgeted variable selling and administrative expenses for October?

101,600

Blake Co. has the following budgeted sales: January $160,000, Februar $240,000, and March $200,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during March are:

212,000

Management's plans expressed in financial terms for specified future time period

Budget

A group responsible for coordinating the preparation of the budget

Budget committee

Which of the following is not an operating budget? Direct Labor, Sales, Production, or Cash?

Cash

A projection of anticipated cash flows

Cash budget

Company A is a manufacturer and Company B is a merchandiser. What is the difference in the budgets the two entities will prepare?

Company A will prepare a production budget, and Company B will prepare a merchandise purchases budget

An estimate of the quantity and cost of direct materials to be purchased

Direct materials budget

Budgets that indicate the cash resources needed for expected operations and planned capital expenditures.

Financial budgets

A selection of strategies to achieve long-term goals

Long-range planning

A set of interrelated budgets that constitute a plan of action for a specified time period

Master budget

Which of the following items would never appear on a cash budget? Office salaries expense, interest expense, depreciation expense, travel expense

Office salaries expense

A projection of production requirements to meet expected sales

Production budget

An estimate of expected sales for the budget period

Sales budget

The projection of potential sales for the industry and the company's expected share of such sales

Sales forecast

An overly optimistic sales budget may result in...

excessive inventories

The most common budget period is

one year


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