1.- True or False. Fill in the space with youranswer (V) or (F), always justify that youqualify it as false.1. _-_ A budget is the result of theaccounting that the company performs for anaccounting period already carried out.2. -- Through the breakeven point wedetermine the minimum quantity that acompany must sell in order to have amoderate or balanced profit.3. ___ The Direct Cost approach is the onethat presents the cost of sale directlyintegrating the fixed and variable cost.4.Sales is an aspect that can bebudgeted based on management's goals.5.-_ The master budget onlycontemplates the estimation of the mostimportant things for a company, such as itssales.

Since we only answer up to 3 subparts, we will answer the first 3. Please resubmit the question and…

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Business

Accounting

1.- True or False. Fill in the space with your answer (V) or (F), always justify that you qualify it as false.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6TP: The management of Hess, Inc., is developing a flexible budget for the upcoming year. It was not...

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Question

1.- True or False. Fill in the space with your
answer (V) or (F), always justify that you
qualify it as false.
1. _-_ A budget is the result of the
accounting that the company performs for an
accounting period already carried out.
2. -- Through the breakeven point we
determine the minimum quantity that a
company must sell in order to have a
moderate or balanced profit.
3. ___ The Direct Cost approach is the one
that presents the cost of sale directly
integrating the fixed and variable cost.
4.
Sales is an aspect that can be
budgeted based on management's goals.
5.
-_ The master budget only
contemplates the estimation of the most
important things for a company, such as its
sales.

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Which of the following statements is/are true? Select one: O a. One disadvantage of participative budgeting is employees' tendency to overestimate of revenues. O b. In a production budget, beginning inventory in units plus budgeted units to be produced equals unit sales minus targeted ending inventory in units. O C. All of the given statements are true O d. Production and inventory budgets form the basis for developing the sales budget. O e. When managers intentionally set budgeted costs too high and budgeted revenues too low, they are creating budgetary slack.
Which of the following is an example of a situation in which a company could use budget information to make operational changes: Select one: a. Total revenues exceed projected costs. b. Profits are expected to rise. c. Accounts receivables are in order. d. Estimated sales exceed actual sales.
Which of the following statements is not correct? The revenue budget is the starting point in preparing the master budget. The revenue budget is constructed by multiplying the expected sales in units by the sales price. The production budget is not based on the revenue budget. The cash budget is used to determine whether the firm will have enough cash on hand.
Why is it relevant to calculate the fixed cost budget? Management must account for these fixed costs as part of their monthly expenses. Management usually forecast the fixed costs based on past financial records and take into account potential rate increase of these fixed costs on a monthly basis. Without budgeting fixed cost into the income statement, you won’t be able to calculate the net profit. All the above.
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