48. The followings constitute the reasons budgets are produced EXCEPT: Select one: A. to plan for the long term. B. to evaluate employees’ performance. C. to control activities within the organisation. D. to motivate managers to achieve objectives. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000
48. The followings constitute the reasons budgets are produced EXCEPT: Select one: A. to plan for the long term. B. to evaluate employees’ performance. C. to control activities within the organisation. D. to motivate managers to achieve objectives. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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48. The followings constitute the reasons budgets are produced EXCEPT:
Select one:
A.
to plan for the long term.
B.
to evaluate employees’ performance.
C.
to control activities within the organisation.
D.
to motivate managers to achieve objectives.
An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows:
Accounts
Debit (RM)
Credit (RM)
Cash
19,500
Notes Receivable, Short-term
61,000
Rent Receivable
1,500
Office Supplies
13,750
Prepaid Insurance
2,750
Office Equipment
15,000
Accumulated Depreciation – Office Equipment
12,500
Accounts Payable
15,750
Wages Payable
2,250
Unearned Revenue
15,000
Notes Payable, Long-term
25,000
Capital
80,000
Drawings
27,500
Service Revenue
40,250
Rent Revenue
5,500
Wages Expense
38,250
Insurance Expense
6,250
Office Supplies Expense
3,750
Depreciation Expense
2,500
Miscellaneous Expense
4,500
196,250
196,250
REQUIRED:
What is the total current assets of Afif & Associates as at 31 October 2021?
Select one:
A. RM33,000
B. RM2,500
C. RM101,000
D. RM98,500
Just answer the question without explanation. Thanks in advance
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