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21.Which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization's sales forecast? 
 

A. Sales budget.

B. Raw materials budget.

C. Production budget.

D. Direct labor budget.

22.Which of the following lists the components of the master budget in correct chronological order? 
 

A. Direct labor budget, production budget, cost of goods sold budget.

B. Sales budget, production budget, cash budget.

C. Sales budget, raw materials budget, production budget.

D. Cash budget, production budget, manufacturing overhead budget.

23.The raw materials budgeted to be purchased for the period is equal to: 
 

A. ending inventory + raw material used - beginning inventory.

B. ending inventory + ending inventory - raw material used.

C. beginning inventory - ending inventory + raw material used.

D. beginning inventory + raw material used - ending inventory.

24.The operating expense budget is based on the: 
 

A. sales budget.

B. production budget.

C. manufacturing overhead budget.

D. cash budget.

25.Depreciation on the office equipment would appear in which of the following budgets? 
 

A. Production budget.

B. Manufacturing overhead budget.

C. Operating expense budget.

D. Cash budget.

26.Which of the following items would be included in the operating expense budget? 
 

A. Sales commissions.

B. Raw material purchases.

C. Cash receipts.

D. Cost of goods sold.

27.Which of the following would not appear in the operating expense budget? 
 

A. Sales commissions.

B. Delivery expense.

C. Advertising.

D. Depreciation on the production equipment.

28.What is the "key" to the entire operating budget? 
 

A. The forecast of operating activity.

B. The budgeted income statement.

C. The budgeted balance sheet.

D. The production/purchases budget.

29.Which of the following is the last budgeted financial statement to be prepared? 
 

A. Budgeted income statement.

B. Budgeted balance sheet.

C. Cash budget.

D. It doesn't matter which one is prepared last.

30.Which of the following lists the components of the master budget in correct chronological order? 
 

A. Cash budget, budgeted income statement, budgeted balance sheet.

B. Budgeted balance sheet, cash budget, budgeted income statement.

C. Budgeted income statement, cash budget, budgeted balance sheet.

D. It doesn't matter in which order they are prepared.

14-1

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