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1
Which of the following is a group of detailed budgets and schedules representing the company's operating and financial plans for a future accounting period?
A)Perpetual budget
B)Capital budget
C)Master budget
D)Continuous budget
2
Which of the following best defines budgeting?
A)Budgeting is planning.
B)Budgeting is communicating objectives and controlling outcomes.
C)Budgeting is communicating specific plans in financial terms.
D)Budgeting is communicating planned objectives.
3
A budgeting process in which information is constantly updated to provide a glance at a future 12-month period is referred to as:
A)Continuous budgeting
B)Participative budgeting
C)Strategic budgeting
D)Joint budgeting
4
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What is the December 31 budgeted Accounts receivable?
A)$360,000
B)$176,000
C)$132,000
D)$144,000
5
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862043/ch7_4_5_6_8.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (33.0K)</a>
What is the budgeted balance for Accounts Payable on December 31?
A)$24,000
B)$67,200
C)$80,000
D)$144,000
6
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What is the budgeted amount of operating expenses for December?
A)$108,840
B)$109,640
C)$111,000
D)$111,800
7
Capital budgeting
A)Focuses on vague goals.
B)Focuses on short term planning.
C)Focuses on intermediate planning.
D)Focuses on long-term planning.
8
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What is the budgeted net income for the month of December?
A)$53,120
B)$97,720
C)$103,160
D)$107,160
9
The preparation of the master budget begins with the:
A)Sales budget
B)Sales forecast
C)Expected net income
D)Ending cash balance
10
The sales budget provides direct input to the computation of:
A)Cash payments
B)Cash receipts
C)Cash balance
D)Net income
11
To determine total inventory needed, the cost of budgeted sales is:
A)Added to desired ending inventory.
B)Subtracted from desired ending inventory.
C)Added to beginning inventory.
D)Subtracted from desired beginning inventory.
12
Partial sales budget information for Butch's Beef follows:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862043/ch7_12.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>
The ratio of sales to sales on account will remain stable throughout the quarter. Due to a recently implemented advertising campaign, Butch expects a 20% growth rate in sales each month.
If cost of beef sold during the quarter is $305,200, what amount is the gross margin?
A)$40,980
B)$98,800
C)$131,600
D)$480,480
13
Partial sales budget information for Butch's Beef follows:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862043/ch7_13.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (10.0K)</a>
The ratio of sales to sales on account will remain stable throughout the quarter. Due to a recently implemented advertising campaign, Butch expects a 20% growth rate in sales each month.
If accounts receivable is collected entire in the month following the month of sale, what total amount of cash will be received in February?
A)$112,800
B)$126,000
C)$141,200
D)$159,000
14
Partial sales budget information for Butch's Beef follows:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862043/ch7_14.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>
The ratio of sales to sales on account will remain stable throughout the quarter. Due to a recently implemented advertising campaign, Butch expects a 20% growth rate in sales each month.
Total budgeted sales for February (Item "G" above) are:
A)$ 28,000
B)$98,000
C)$144,000
D)$180,000
15
Partial sales budget information for Brianna's Boogie Boards follows:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862043/ch7_15.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (17.0K)</a>
Brianna maintains an ending inventory balance equal to 10% of the following month's cost of goods sold. April's budgeted cost of goods sold is $39,000.
Desired ending inventory for March equals:
A)$3,200
B)$3,600
C)$3,800
D)$3,900





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