Which statement about budgets is correct?
Q: Adam Marsh is purchasing a $134,000 condominium apartment. If the sellers are responsible for the 6%…
A: A sale involves transfer of a property from one entity to another for a monetary consideration.
Q: Required: • prepare a worksheet
A: Accounting is the process of recording, classifying and summarising accounting information. At the…
Q: Alicia has been working for JMM Corporated for 32 years. Alicia participates in JMM's defined…
A: Average total compensation- Average Total Compensation means the average of the Executive's yearly…
Q: Complete Shadee's budgeted income statement for the months of May and June. Required information…
A: Budgeted income statement.
Q: old from P old from others
A: Net income attributable to p corporation is the total net income after taxes which belongs to the p…
Q: What are the components of Audit Risk? Use the Audit risk equation and briefly explain the…
A: Audit risk means the risk that the auditor gives an inappropriate audit opinion when the financial…
Q: Question 20: Identify the incorrect statement regarding EFTPS. Answer: А. It's a free, online…
A: Answer 20:- Option C is incorrect. Explanation:- When the payment is done using this system must be…
Q: Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid…
A: Prepaid insurance is the amount of insurance paid in advance. The amount of six month insurance…
Q: to unrelated customers. In preparing consolidated statements for Thomas Company and Subsidiary James…
A: Here James is a subsidiary company and Thomas is a holding company. James buys goods from Thomas,…
Q: Current assets $22400 Net income $44500 Stockholders' Current liabilities 13400 66400 equity Average…
A: Formula used: Debt to Assets ratio = Total Liabilities / Total Assets
Q: Gelbart Company manufactures gas grills. Fixed costs amount to $16,335,000 per year. Variablecosts…
A: The break-even point seems to be the output level where the total revenues equals total costs. In…
Q: nterest in S Com
A: Introduction Minority interest means ownership or interest of less then 50% of an enterprise. The…
Q: What is the definition of analytical procedures? What is timing of analytical procedures in a…
A: The audit procedure indicates the stages and programs of an audit performed by the auditor to obtain…
Q: r 31, 2019 consolidated Statement of financial position. Using the same information, determine the…
A: As per the given information in the above question we must determine the carrying amount of the…
Q: What are the types of audit procedures used during substantive testing, briefly explain them.
A: Substantive testing is indeed an auditing method that looks for mistakes in financial statements and…
Q: Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of…
A: Purchase journals involve the transactions of purchases by the company. It involves the cash…
Q: Ms. Ligaya wants to buy her dream car. However, she does not have enough money to pay for ₱5,000,000…
A: The question is based on the concept of Financial Management.
Q: As a result of a slowdown in operations, Tradewind Stores is offering employees who have been…
A: The question is based on the concept of Cost Accounting.
Q: Rate Rate of Overhead Mark Markup on Cost Expenses on Sel Prie
A: Markup refers to an amount added to the cost price to ascertain the selling price of the product.
Q: Calculate the percentage of appraised value and the potential credit available for a second mortgage…
A: Loan is the debt amount which is given by bank to the borrowers and the borrower have to repay the…
Q: Flapjack Corporation had 7,800 actual direct labor hours at an actual rate of $12.30 per hour.…
A: Direct labor rate variance reflects the difference in the budgeted rate decided by the management…
Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…
A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…
Q: On March 31, 2021, Susquehanna Insurance purchased an office building for $10,200,000. Based on…
A: The question is related to Depreciation Accounting. Depreciation reduces the value of the assets…
Q: Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Income Statements For the Years Ended December 31 Increase/(Decrease) 20Υ7 20Y6 Amount Percent Fees…
A: Formula used: Increase / ( Decrease ) amount = 20Y7 value - 20Y6 value
Q: On March 31, 2021, management of Quality Appliances committed to a plan to sell equipment. The…
A: The question is related to the Depreciation Accounting. The Depreciation as ler Straight-line Method…
Q: The following data were gathered to use in reconciling the bank account of Crystal Company: Balance…
A: Bank reconciliation consists of reconciling balance as per bank books to adjusted bank balance and…
Q: What is the purpose of the valuation allowance?
A: Valuation allowances are one of these nuances that let companies estimate the future benefits of…
Q: Susan Cain is employed at Quiet Inc. and is paid a monthly salary of ₱70,000. How much is her net…
A: Monthly Salary = ₱70,000 Mandatory Deductions from Salary are: 1. Social Security System (SSS):…
Q: a. Using the information provided in the image below, determine the carrying amount of the inventory…
A: As per the given information in the above question we must determine the carrying amount of the…
Q: Long-Term Solvency Analysis The following information was taken from Station Company's balance…
A: The balance sheet shows the financial position of the company that involves the assets, liabilities,…
Q: Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The…
A: The direct labor cost budget is prepared to record the direct labor cost to be incurred during the…
Q: niums and discounts on a straight line basis. Sneezy Ltd. has a January 31 year end. uired: 1.…
A: Accounting for Bond
Q: n July 1, 2020, Rudy Project (a calendar-year corporation) had capitalized cost of P1,200,000 for a…
A: Amortization of assets Accounting Basic Concept of Accounting
Q: You are a mortgage broker at Interamerican Bank. One of your clients, Bill Cramer, has submitted an…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: If JoBlo Inc., has a retained earnings opening balance of $50,000 at the beginning of the and an…
A: Formula: Ending Retained Earnings balance = Beginning Retained Earnings + Net income - Dividends…
Q: Entries for Cash Dividends
A: No Entry will be passed on Jan . 12 as it is clearly mentioned in the question that record…
Q: Appropriation of retained earnings is necessary when the corporation reacquires its own share…
A: Acquisition of own share capital means purchase of corporate's own shares from the investors either…
Q: ndsor Leasing Group signs an agreement on January 1, 2 = agreement.
A: This is used in case of a future annuity – suppose an equal sum of money is invested in the bank on…
Q: A workers wages for a guaranteed 44 hours per week is 0.75 per hour the estimated time to produce 1…
A: “Halsey premium plan is a simple combination of time and speed bases of payment. Under this plan, a…
Q: please look at line items 18 and 21. What do these dollar amounts tell you? What are your…
A: Budgeting is a technique which is adopted and followed by everyone be it a government, a person,…
Q: Basic Accounting Equation) Fill up the missing amounts for each case Case 1 Case 2 Case 3…
A: The basic accounting equation based on which the financial statements of a business can be prepared…
Q: Tuition is expected to increase with an average of 5% per year for the next 5 years. The annual cost…
A: Mutual funds are pool of funds invested by the mutual fund companies on behalf of the investors…
Q: Question 14 of 36 Fill in the blanks: The accountant was tasked to reconstruct the books of Refresh…
A: Every business needs goods and services to be used in its business. These may be on cash basis or on…
Q: Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of…
A: The question is based on the concept of Financial Accounting.
Q: Alpha Company uses the owns a 30% investment in Bravo's common stock. During 2021, Bravo reported…
A: The question is related to investment in Associates. The details are given regarding the same.
Q: Lapiz, Capital 3,000 P30,000 Total Profit and loss ratio is 3:2:1 for Azure, Sapphire, and Lapiz-…
A: To determine the Cash Received at the time of liquidation which is consider the factors of the whole…
Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?
A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…
Q: Calculate the missing values and express the answers rounded to two decimal places. Rate of Amount…
A: Markup on Cost = Profit/Cost x 100 Markup on Sales = Profit/Sales x 100 Profit = Sales - Cost
Q: Canadian tax principles-2 Lester Inc. has 220,000 common shares outstanding. All of these shares…
A: Answer: Lester inc. owns 220,000 issued common stock. All of these stocks was sold for $13 per, for…
try to avoid plagiarism thnku
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Q.“Budgets meet the cost–benefit test. They force managers to act differently.” Do you agree? Explain.1. A budget is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. a. True b. False 2. Budgets should not be used to provide managers with “pre-approval” for the execution of spending plans. a. True b. False 3. A flexible budget is not designed to change with changes in activity level. a. True b. False 4. The production budget comes before the materials purchases budget. a.True b. False 5. The starting point for the master budget is an assessment of anticipated production next year. a. False b. TrueWhich of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating losses
- 1 i. Discuss the factors that are likely to cause managers to submit budget estimates of sales and costs that do not represent their best estimate or expectations of what will actually occur. ii. Suggest, as a budget accountant, what procedures you would advise in order to minimize the likelihood of such biased estimate arising.Which of the following statements about budgeting is incorrect? a. Budgets provide direction and coordination b. Budgets motivate staff c. A budget is a financial plan. d. A budget looks back and review performance.“Budgets meet the cost–benefit test. They force managers to act differently.” Do you agree? Explain.
- 5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate performance. B. It uncovers drawbacks of department performance C. It reduces the need to track the actual cost activity. D. It formalizes a manager's planning efforts.Which of the following is true of a budget? O A. Budgets help managers to revise their plans and strategies. B. Budgets do not account for nonfinancial aspects of the upcoming period. C. Budgets are used to express only the operational plans and not the strategic plans of a company. D. Budgets are most useful when they are planned independent of the company's strategic plans.1. (a) Define standard costs.(b) Name some advantages of standard cost system. 2. A conference speaker discussing budgets and standard costs madethe following statement:“Budgets and standards are not the same thing. They have differentpurposes and are set up and used in different ways; yet a specificrelationship exists between them.”(a) Identify distinctions or differences between budgets andstandards.(b) Identify similarities between budgets and standards. 3. The use of standard costs in pricing and budgeting is quite valuablesince decisions in the fields of pricing and budgetary planning aremade before the costs under consideration are incurred.Discuss. 4. What type of variances are computed for materials, labour, andfactory overhead?
- 1. Which of the following is true?a) The direct materials purchase budget is determined from the direct labour budget.b) The only budget providing input into the revenue budget is the sales budget.c) The direct materials purchase budget and the capital expenditures budget are both determined from the production budget.d) The selling and administrative expense budget is input into the forecasted cost of goods sold. 2. Which of the following describes decision making at the tactical orfunctional level?a) Senior management will need to make long-term decisions about the future of the whole business. Therefore, strategic decisions will be made about which markets the business is to operate in, whether to bid to take over a competitor, etc.b) These decisions are made in focusing on the medium-term future of the business, say looking at the 12-18-month pricing strategy for a product, deciding what products to stock over the summer months, etc. They tend to be focused on particular business…Accounting systems that use standards for product costs are called budgeted cost systems. True FalseManagement Accounting Question (Qualitative Short Answer) a. Why is the sales forecast the starting point in budgeting? b. What is a perpetual budget? c. Which is a better basis for evaluating actual results: budgeted performance or past performance? Why? d. The materials price variance can be computed at what two different points in time? Which point is better and why? e. What effect, if any, would you expect purchasing poor-quality materials to have on direct labor variances? f. Distinguish between ideal and practical standards. g. Costs associated with the quality of conformance can be broken down into four broad groups. What are these four groups and how do they differ? h. What is likely the most effective way to reduce a company's total quality costs? i. What are the three main uses of quality cost reports?