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Accounting Expert Answers & Study Resources : Page 33

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TRUE/FALSE 1.Budgeting is the process of identifying, gathering, summarizing, and communicating financial and nonfinancial information about an organization's future activities. 2.A budget need not contain both revenue and expense components. 3.As part of the budgeting process, managers evaluate operational, tactical, value chain, and capacity issues. 4.A budget can contain nonfinancial information. 5.Budgets are synonymous with.

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  • TRUE/FALSE 1.Budgeting the process of identifying, gathering, summarizing, and communicating financial
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51.Field Legal Services is trying to determine the variable and fixed elements of its service overhead. The following data have been collected from recent activity: Total Service OverheadCases Worked March$22,900112 April20,80098 May26,400138 The formula for total service overhead costs is a.$5,600 + $140 per case. b.$5,600 + $40 per case. c.$7,823 + $134.62 per case. d.$7,080 + $140 per.

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  • 51.Field Legal Services trying to determine the variable and fixed
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11.Only the lowest levels of management can be evaluated by the use of a budget. 12.Budgets assign resources and the responsibility to use them wisely to managers who are held accountable for their results. 13.Budgets do not take into account potential constraints. 14.Budgets facilitate congruence between organizational and personal goals. 15.Responsibility accounting authorizes managers.

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  • 11.Only the lowest levels of management can be evaluated by
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7.Seymore Company manufactures three products, Ace, Deuce, and Trey, requiring the following inputs of raw materials: Units of Materials Required ProductFabricMetal Ace22 Deuce12 Trey21 Unit cost and inventory for each raw material: FabricMetal Unit cost$4$2 Beginning inventory6,0005,000 Ending inventory5,0004,000 Scheduled production: Ace30,000 Deuce20,000 Trey50,000 Prepare a direct materials purchases budget for the year ended December 31, 20x8. 8.The following information is available from the controller's records.

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  • 7.Seymore Company manufactures three products, Ace, Deuce, and Trey, requiring
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31.Operating income is determined by deducting all fixed costs related to production, selling, and administration from contribution margin. 32.Contribution Margin Income Statement divides costs into product and period costs. 33.The contribution margin income statement enables managers to view revenue and cost relationships on a per unit basis or as a percentage of.

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  • 31.Operating income determined by deducting all fixed costs related to
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11.When developing performance measures, management must consider a number of different issues besides what to measure and how to measure. 12.Managers at all levels are evaluated in terms of their ability to manage their areas of responsibility in keeping with organizational goals. 13.Responsibility accounting is more concerned with performance evaluation than performance.

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  • 11.When developing performance measures, management must consider a number of
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TRUE/FALSE 1.The balanced scorecard links the perspectives of an organization's stakeholders with the organization's mission and vision, performance measures, strategic plan, and resources. 2.An organization's four basic stakeholder groups include investors, employees, external business processes, and customers. 3.To succeed, an organization must add value for all of its stakeholders in the long term.

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  • TRUE/FALSE 1.The balanced scorecard links the perspectives of an organization's stakeholders
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11.Which of the following is not a guideline for budget preparation? a.Include financial data only. b.Know the sources of budget information. c.Know the purpose of the budget. d.Identify the format of the budget. 12.Which of the following would most likely be considered a short-term goal? a.Modernization and expansion of the plant b.A product line change c.A unit sales.

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  • 11.Which of the following not a guideline for budget preparation? a.Include
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  MULTIPLE CHOICE 1.The balanced scorecard was developed by a.Robert S. Kaplan. b.David R. Norton. c.David R. Norton and Robert S. Princeton. d.Robert S. Kaplan and David R. Norton. 2.Which of the following represents a basic stakeholder of an organization? a.The account receivable clerk of the organization b.A vice president of the organization c.A line supervisor of the organization d.All of.

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  •   MULTIPLE CHOICE 1.The balanced scorecard was developed by a.Robert S. Kaplan. b.David R.
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28.Ben & Harry Co. sold 100,000 units last year with the following results: Sales revenue$400,000 Variable costs160,000 Contribution margin$240,000 Fixed costs100,000 Operating income$140,000 a. Management thinks that a 5 percent reduction in the unit sales price and a $31,000 increase in fixed advertising costs will create a 30 percent increase in unit sales. Assess this proposal.

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  • 28.Ben & Harry Co. sold 100,000 units last year with
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21.Only manufacturing organizations need a set of operating budgets. 22.The main difference in the master budget process for manufacturing, retail, and service organizations is found in the preparation of the operating budgets. 23.Operating budgets are plans used in daily operations. 24.Managers do not need to know why a budget is being prepared. 25.The budgeting.

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  • 21.Only manufacturing organizations need a set of operating budgets. 22.The main
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19.Meredith Marshall owns a home inspection business, offering her services to homeowners. She currently charges $180 per inspection but wants to know if her fee should be raised. She has provided the following data from the past six months: MonthNumber of InspectionsOverhead Costs March60$3,420 April643,555 May763,989 June904,044 July974,101 August1104,120 Meredith takes her daughter with her on all inspections.

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  • 19.Meredith Marshall owns a home inspection business, offering her services
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23.Projected cost information for a new product to be produced by Kolier Manufacturing is as follows: Expected variable unit costs: Direct materials$10.90 Direct labor7.18 Overhead1.92 Selling costs4.00 Annual fixed costs: Taxes on property used$ 8,870 Depreciation on building and equipment18,920 Advertising38,840 Other2,070 The product is to be sold for $49. a. Compute the number of units that must be sold to earn.

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  • 23.Projected cost information for a new product to be produced
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  MULTIPLE CHOICE 1.Budgets a.should contain both revenues and expenses. b.contain as much information as possible. c.are presented in dollars only; nondollar data should be excluded. d.are synonymous with managing an organization. 2.Budgets identify, gather, summarize, and communicate a.financial data only. b.financial and nonfinancial data. c.nonfinancial data only. d.none of these. 3.After management has set short-term goals, the budgeting process typically starts.

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  •   MULTIPLE CHOICE 1.Budgets a.should contain both revenues and expenses. b.contain as much information
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51.Mi Casa Corporation wishes to prepare a cash budget for November 2010. Sales, purchases, and expenses for October (actual) and November and December (estimated) are as follows: SalesPurchasesExpenses October$48,000$35,000$14,000 November40,00030,00011,000 December45,00022,0009,500 Sales: All sales are on credit, and the company's experience shows that, on the average, 80 percent of sales are collected in the month.

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  • 51.Mi Casa Corporation wishes to prepare a cash budget for
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5.The following are monthly totals taken from the log of a color photocopying machine used by the Kinlo's Printing Company. Cost was based on a flat fee plus a declining cost per copy made after a minimum number of copies had been made each month. MonthNumber of Copies Made Total Cost January35,200$10,800 February30,4009,600 March32,90010,225 April40,30012,075 May38,40011,600 June48,90014,225 To differentiate.

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  • 5.The following monthly totals taken from the log of a
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13.Harrisburg Manufacturing produces three products requiring the following inputs of raw materials: Units of Materials Required ProductFabricMetal Jade21 Kolia12 Lymon21 Unit cost and inventory for each raw material: FabricMetal Unit cost$3$2 Beginning inventory10,0008,000 Ending inventory9,0006,000 Scheduled production: Jade:20,000 Kolia:10,000 Lymon:30,000 Prepare a direct materials purchases budget for the year ended December 31, 2010. 14.Crosson Wineries & Bottling is preparing its budget for 2010 and has completed.

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  • 13.Harrisburg Manufacturing produces three products requiring the following inputs of
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21.Ceiling Fans by Ike's overhead budget for 2009 was as follows: Factory supervision$300,000 Utilities costs150,000 Insurance28,000 Property taxes22,000 Depreciation100,000 Total$600,000 600,000 units were produced in 2009. Direct labor cost is $18,000,000. For both 2009 and 2010, each unit required 3 direct labor hours at $10 per hour. In 2010, property taxes, insurance, and depreciation are expected to stay at 2009.

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  • 21.Ceiling Fans by Ike's overhead budget for 2009 was as
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  MULTIPLE CHOICE 1.Which of the following would not require the use of cost behavior analysis? a.Transferring production costs from one department to another b.Projecting anticipated costs of a new project c.Buying an existing business d.Changing an existing product or service 2.Which of the following statements most accurately explains the behavior of costs? a.There is no norm; rather,.

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  •   MULTIPLE CHOICE 1.Which of the following would not require the use
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11.The level of operating capacity that is needed to meet expected sales demand is called a.practical capacity. b.normal capacity. c.ideal capacity. d.excess capacity. 12.Theoretical capacity reduced by normal and anticipated work stoppages is called a.practical capacity. b.normal capacity. c.ideal capacity. d.excess capacity. 13.Theoretical capacity refers to a.extra machinery and equipment kept on hand. b.the maximum productive output possible. c.an output level that allows.

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  • 11.The level of operating capacity that needed to meet expected
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41.Christian Company's sales revenue for 20xx was $144,000. Christian's product sells for $5.50 and has a 30 percent contribution margin. Christian has fixed costs of $33,000. What is Christian Company's breakeven point in sales dollars? a.$205,714 b.$110,000 c.$144,000 d.$173,000 42.Christian Company's sales revenue for 20xx was $144,000. Christian's product sells for $5.50 and has a 30.

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  • 41.Christian Company's sales revenue for 20xx was $144,000. Christian's product
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9.Roger Wills & Company estimates the following for 2010: Sales (all on account)$800,000 Collections of accounts receivable700,000 Proceeds from bond issuance500,000 Proceeds from sale of common stock300,000 Merchandise bought on credit650,000 Payments of accounts payable500,000 Cash payments of expenses70,000 Cash purchase of equipment140,000 Depreciation of equipment15,000 Payment on notes payable30,000 The ending cash balance for 2009 was $200,000. Prepare a cash budget.

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  • 9.Roger Wills & Company estimates the following for 2010: Sales (all
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21.A good example of a profit center would be a.a car manufacturer's assembly line. b.a local Home Depot store. c.Avis Car Rental's national reservation center. d.a manufacturer's human resources department. 22.A responsibility accounting system ensures that a.generally accepted accounting principles reporting requirements are met. b.managers will not be held responsible for items they cannot change. c.99 percent of.

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  • 21.A good example of a profit center would be a.a car
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11.Sondari Corporation estimates the following for 2010: Sales (all on account)$600,000 Collections of accounts receivable400,000 Proceeds from bond issuance200,000 Proceeds from sale of common stock300,000 Merchandise bought on credit350,000 Payments of accounts payable300,000 Cash payments of expenses60,000 Cash purchase of computerized equipment100,000 Depreciation of computerized equipment10,000 Payment on notes payable20,000 Ending cash balance for 2009 was $150,000. Prepare a cash budget to.

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  • 11.Sondari Corporation estimates the following for 2010: Sales (all account)$600,000 Collections of
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