erial Accounting || fall20courses / ACCT2121_yasserg_fall20/ Final Exam_Fall2020/ Part OneWhich of the following statements is false?Select one:O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to thebudgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired endingmerchandise inventory (in units).Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost controlprepares bis or her own budget estimates and submits them to the next higher level of management.Oc. The amount of raw materials to be purchased in a period can be determined by adding the desiredending inventory for raw materials to the production needs and then deducting the beginning inventoryfor raw materials.O d. The number of units to be produced in a period can be determined by adding the expected sales (inunits) to the desired ending inventory (in units) and then deducting the beginning inventory (in units).日eto search

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Description: erial Accounting || fall20courses / ACCT2121_yasserg_fall20/ Final Exam_Fall2020/ Part OneWhich of the following statements is false?Select one:O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to theb

Option a is the answer because it is false In a merchandise business budgeted purchase is = sales…

Business

Accounting

erial Accounting || fall20 courses / ACCT2121 yasserg_fall20/ Final Exam_Fall2020 / Part One Which of the following statements is false? Select one: O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to the budgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired ending merchandise inventory (in units). Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost control prepares his or her own budget estimates and submits them to the next higher level of management. O c. The amount of raw materials to be purchased in a period can be determined by adding the desired ending inventory for raw materials to the production needs and then deducting the beginning inventory for raw materials. O d. The number of units to be produced in a period can be determined by adding the expected sales (in units) to the desired ending inventory (in units) and then deducting the beginning inventory (in units). Co search

erial Accounting || fall20 courses / ACCT2121 yasserg_fall20/ Final Exam_Fall2020 / Part One Which of the following statements is false? Select one: O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to the budgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired ending merchandise inventory (in units). Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost control prepares his or her own budget estimates and submits them to the next higher level of management. O c. The amount of raw materials to be purchased in a period can be determined by adding the desired ending inventory for raw materials to the production needs and then deducting the beginning inventory for raw materials. O d. The number of units to be produced in a period can be determined by adding the expected sales (in units) to the desired ending inventory (in units) and then deducting the beginning inventory (in units). Co search

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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307 budget and a static budget is true? budget is prepared for performance evaluation. b. a static budget provides costs for one level of activity. a. C. only fixed costs. techniques, the planned cost column should be based on the b. Actual amount for the same period in the preceding year. c. Budget adjusted to the actual level of activity for the period being reported. d. Budget adjusted to the planned level of activity for the períod being reported, (ста) 149.The use of standard of costs in the budgeting process signifies that an organization has most likely implemented a Flexible budget. b. Capital budget. Static budget. d. Strategic budget. a. с. (cma) 150. When a flexible budget is used, an increase in production levels within a relevance range would a. Not change fixed costs per unit. b. Change total fixed costs. Not change variable costs per unit. d. Not change total variable costs. C. (aicpa)
Q.Prepare the cost of goods sold budget.
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Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.
complete the excel sheet only showing formula and calculations
Which of the following budgets allows for adjustments in activity levels? Oa, flexible budget Ob. static budget Oc. zero-based budget Od. continuous budget ( Previous to search 53°F Sunny a1 (中ツ prt sc 144
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For Req #4, Can you please highlight what items I should enter into the budgeted income statement for May? Your spreadsheet has far more lines than what the question does and I am confused. Item2 3.33points ItemSkipped Print Item 2 Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden CompanyBalance SheetApril 30 Assets Cash $ 9,200 Accounts receivable 76,250 Inventory 49,750 Buildings and equipment, net of depreciation 228,000 Total assets $ 363,200 Liabilities and Stockholders’ Equity Accounts payable $ 63,750 Note payable 23,900 Common stock 180,000 Retained earnings 95,550 Total liabilities and stockholders’ equity $ 363,200 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at…
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent (a) Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed Total expenses SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2022 Budget 8,000 $2,400 720 3,600 1,600 8,320 1,500 1,200 800 500 4,000 $12,320 Actual $2,600 850 10,000 2,000 Favorable 4,100 1,400 8,950 1,500 1,200 800 500 4,000 Difference $12,950 Favorable Unfavorable Neither Favorable nor Unfavorable $200 Unfavorable 130 Unfavorable 500 Unfavorable 200 Favorable 630 Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $630…