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