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31.A cash budget would not include: 
 

A. sale of common stock.

B. payment of dividends.

C. payment of property taxes.

D. plant and building depreciation.

32.A key to estimating an accurate amount of cash to be collected from sales is: 
 

A. the accuracy of the sales forecast.

B. the accuracy of the estimated collection patterns for sales.

C. both the accuracy of the sales forecast and the accuracy of the estimated collection patterns for sales are keys.

D. neither the accuracy of the sales forecast nor the accuracy of the estimated collection patterns for sales are keys.

33.An important reason for imposing a minimum cash balance in the cash budget is: 
 

A. it provides a cushion that can absorb forecast errors.

B. it provides extra funds for managers to spend.

C. it makes the balance sheet look better.

D. all of these.

34.The development of the operating budget is complete when: 
 

A. the sales forecast for next year is complete.

B. the budgeted cash flow statement is complete.

C. the budgeted income statement is complete.

D. the budgeted balance sheet is complete.

35.A standard cost or production standard that is achievable under actual operating conditions is called a(n): 
 

A. attainable standard.

B. ideal standard.

C. past experience standard.

D. average standard.

36.Standard costs are comprised of two elements: 
 

A. the quantity of input and the cost per unit of input.

B. the quality of input and the cost per unit of input.

C. the quantity of input and the cost per unit of output.

D. the quality of input and the cost per unit of output.

37.______________ standards allow inefficiencies from prior years to be incorporated into the budget, thus providing little incentive for improvement: 
 

A. Ideal

B. Engineered

C. Attainable

D. Past experience

38.A standard cost or production standard that assumes maximum operating conditions and 100% efficiency at all times is called a(n): 
 

A. attainable standard.

B. ideal standard.

C. past experience standard.

D. average standard.

39.Standard costs are used in which of the following phases of the management process? 
 

A. planning.

B. control.

C. organizing.

D. both planning and control.

40.Fixed costs classified according to the time frame perspective are known as: 
 

A. direct cost and indirect cost.

B. constant and inconsistent cost.

C. committedcost and discretionary cost.

D. product cost and period cost.

14-1

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