budget
Q: Predetermined Overhead Rates, Overhead Variances, Unit Costs Primera Company produces two products ...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: TOTAL RETAINED EARNINGS
A: Retained earnings is a part of shareholder's equity. It represents the amount of profits kept with b...
Q: What's the present value of a $500 annuity payment over four years if interest rates are 8 percent?
A: Given: Annuity payment (P) : $500 Interest rate (Annual) (r) : 8% Time period (n) : 4 years
Q: On June 30, a fire destroyed Intense Company's entire inventory. The inventory on January 1 totaled ...
A: Cost of goods sold = P7800000 × 70% = P5460000
Q: Which of the following statements regarding the balance sheet is true?
A: Balance Sheet Provides the Details of company assets, liabilities and equity as on date, it shows ho...
Q: A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goo...
A: Solution:- Introduction:- The following basic information as follows:- company receives a $50,000, ...
Q: For producing 200 units of product a company uses P60,000 of direct materials, pays P70,000 of direc...
A: Fixed overhead per unit when 450000 units produced = Total fixed overhead/ no. of units = P60000/450...
Q: Which of the following is outside the scope of PAS 41? dairy cattle used in the production of...
A:
Q: Catherine Company uses a predetermined overhead rate based on direct labor hours to apply manufactur...
A: The manufacturing overheads are said to be underapplied when applied overheads are less than the act...
Q: Required: 1. Determine the unit cost for each model using direct labor hours to apply overhead. Roun...
A: Activity based costing is a method of costing in which all indirect costs are allocated on the basis...
Q: Which of the following would be recorded as an identifiable accounting transaction? Group of answer ...
A: Hiring a new employee does not involve any transaction and is not recorded.
Q: f) For the first quarter of 2022, prepare a selling and administrative budget. g) For the first quar...
A: "Since you have asked multiple question we will solve the first three parts of question for you. If...
Q: XYZ Bank has the following T account: Assets Liabilities Reserves 400,000 Deposits 1,600,000 Loans 1...
A: The leverage ratio is a statistic that compares a bank's main capital to its total assets. The ratio...
Q: Which of the following statements about stockholders' equity is not correct? Group of answer choices...
A: The stockholders equity is represented in the balance sheet of the business.
Q: ABC Company factored ₱3,500,000 of accounts receivable with a finance company. The factoring fee was...
A: Amount withheld = Accounts receivables x 10% = ₱3,500,000 x 10% = ₱350,000
Q: The balance sheet of Joy, Berry, Jaz as of December 31, 2010 and the profit and loss sharing ratio i...
A: Berry's capital = 170000000 Profit sharing ratio 30:30:40
Q: Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly ...
A: Partnership is the agreement between two or more partners who joins hands for sharing future profits...
Q: Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inv...
A: Journal entries refer to recording and classifying business transactions initially into books of acc...
Q: Rescue Sequences LLC purchased inventory by issuing a $30,000, 10%, 60-day note on October 1. Requir...
A: Date Account titles and explanation Debit Credit Oct. 1 Inventory $30,000 Notes payable $3...
Q: WFU Corporation expects to have the sales and expenses shown for August, September,and October. The ...
A: The cash budget is prepared to estimate the cash balance at year end and to find out any requirement...
Q: rate of interest that was charged as a penalty.
A: Rate of interest of penalty = (Penalty amount * Number of days in a year * 100)/(Number of days of o...
Q: WHAT IS THE NET CASH PROVIDED BY FINANCING ACTIVITIES?
A: Cash flows from financing activities shows all cash inflows and cash outflows from the sources and u...
Q: At the beginning of the year the company's assets totaled $680 and its liabilities totaled $470. Dur...
A: Total assets = Total liabilities + Total stockholders' equity. Total stockholders' equity. = Total a...
Q: Which one of the following items would never appear on a cash budget? Travel expense Interest expen...
A: Cash Budget includes only cash items (payments or receipts).
Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this ...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: You wish to buy a $9,700 dining room set. The furniture store offers you a 2-year loan with an APR o...
A: The question is based on the concept of Financial Management.
Q: Clopack Company manufactures one product that goes through one processing department called Mixing. ...
A: Process costing is a way of collecting manufacturing costs by the process. It describes a cost proce...
Q: Indicate the effect each separate transaction has on investing cash flows. (Amounts to be deducted s...
A: Cash flows from investing activities shows all cash inflows and cash outflows related to purchase an...
Q: Which of the following does not belong to group: PAS 16, PAS 20. PAS, 23, PAS 41, PFRS 6
A: PAS 16 - It is related to accounting of general Property, Plant and Equipment. PAS 20 - It is relate...
Q: Net income during the year 2,250,000 Proceeds from issuance of preference shares Dividends paid on p...
A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash ...
Q: On January 2020, Roel Corp. Has th following inventory purchases.JanuaryUnitsAmount35,750P7,50085,10...
A: FIFO method says that first in first out method in which inventories purchased first will be sold fi...
Q: When a company purchases supplies with cash Group of answer choices A. total assets are increased. B...
A: Supplies is an asset and purchase of supplies increase the balance of assets.
Q: A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30...
A: Factory Overhead cost = Direct labor x 50% = 30000 x 50% = 15000 Total normal Cost = Direct material...
Q: The Cutting Department of Sanderson Company has the following production and cost data for July. Pro...
A: Equivalent units: It is a concept of cost accounting where units that are used in the production pro...
Q: Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facilit...
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...
Q: Warner Company purchases $ 50,000 of raw materials on account, and it incurs $ 60,000 of factory lab...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Predetermined Overhead Rate, Applied Overhead, Unit Cost Ripley, Inc., costs products using a normal...
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: T, F. Prime cost consists of Direct Materials and Factory Overhead.
A: Prime cost is a combination of direct attributes i.e primarily incurred for the product.
Q: The following information is for Concord Corporation as of December 31, 2017. Restricted Cash for ...
A: Assets- It refers to the financial resources of a business which is owned or controlled by a company...
Q: Alpha CD plans to sell 10,000 units of a particular product during July, and expects sales to increa...
A: Sales in July = 10,000 units Sales in August = 10,000 + 10% of 10,000 = 10...
Q: The budget director of Royal Furniture Company requests estimates of sales, production, and other op...
A: The budget is prepared to estimate the requirement for the future period.
Q: Who
A: Who is unpaid seller A seller of goods who has not been paid completely for them or who has gotten a...
Q: ABC Inc. is a wholesaler of office supplies. The activity for Product X during August is shown below...
A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence, beginnin...
Q: WHAT IS THE TOTAL GENERAL AND ADMINISTRAVE EXPENSES?
A: The administration expenses are related to funciton of business but not directly or indirectly relat...
Q: Required: Use the transactions in unadjusted trial balance to update the affected T accounts. Prep...
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately...
Q: A parent company purchased all the outstanding bonds of its subsidiary. This cash transaction will a...
A: Consolidated cash flow statement is the financial statement which shows all cash inflows and cash ou...
Q: Question 5 Jingle Ltd. and Bell Ltd. belong to the same industry. A snapshot of some of their financ...
A: First we know their financial information 1)CURRENT RATIO: The current ratio is a ratio between the ...
Q: Which of the following statements about stockholders' equity is not correct? Group of answer choices...
A: The stockholders equity is represented in the balance sheet of the business.
Q: Marrell is employed on the assembly line of a manufacturing company where she assembles a component ...
A: The direct labor do not include premium for overtime work or wages paid for idle time. These costs a...
Q: Сapital Projects Fund Government-wide Special Revenue Internal Service Financial Statements Fund Fun...
A: Solution:- Introduction:- The following different types of funds are Government Funds, Proprietary ...
A budget is most likely to be effective if
- it is not used to evaluate a manager's performance.
- employees and managers at the lower levels do not get involved in the budgeting process.
- it is used to assess blame when things do not occur according to plans.
- it has top management support.
Step by step
Solved in 2 steps
- Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.Suppose that the vice president of sales is a particularly pessimistic individual. If you were in charge of developing the master budget, how, if at all, would you be influenced by this knowledge?If management is being evaluated on their ability to manage a budget, what can they do to decrease cash outflow?
- Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating lossesWhen would a static budget be effective in evaluating a managers performance?Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following is not considered a human behavior problem? Allowing employees the opportunity to be a part of the budget process Allowing goals to be so low that employees develop a "spend it or lose it" attitude Setting goals too tightly making it difficult to meet performance expectation Setting goals among managers that conflict with one another
- Should a manager blame his subordinates if a budget target is not achieved? Explain briefly! Give a few lines answerIf a manager is not able to meet the budget and it has been ________________ , the manager can alwayssay that the budget was unreasonable or unrealistic to start with, and therefore was impossibleto meet.Which one of the following is not considered to be a benefit of participative budgeting? When managers set the final targets for the budget, top management need not be concerned with the overall profitability of current operations. Managers are more motivated to reach the budget goals because they participated in setting them. Individuals at all organizational levels are recognized as being part of the team; this results in greater support of the organization. The budget estimates are prepared by those in direct contact with various activities.
- Discuss the factors that are likely to cause managers to submit budget estimates of sales and costs that do not represent their best estimate or expectations of what will actually occur and Suggest, as a budget accountant, what procedures you would advise in order to minimize the likelihood of such biased estimate arising.Slack in operating budgets makes an organization more efficient and effective. requires managers to work harder to achieve the budget. results from unintentional managerial acts. is greater when managers are allowed to participate in the budgeting process.Which of the following statements are TRUE? I. Responsibility accounting attempts to assign blame for problems to a specific manager.II. One benefit of a budget is that it helps managers gather relevant information for improving future performance.III. Challenging budgets tend to motivate improved performance.IV. Controllability may be difficult to pinpoint because some costs are the result of the market, not the manager.
