Budgets
Q: Which two accounts are affected by each of the following transactions? Account 1 Account 2 Receiv...
A: Since we only answer three subparts, we are answering the first three. Please resubmit the question ...
Q: Each of the following situations is independent. A. Vallis Inc. manufactures machine parts for milit...
A: A make-or-buy choice is one that involves deciding whether to manufacture a product in-house or to a...
Q: John and Myung are partners in Six-string Co. Their partnership agreement states that John is entitl...
A: The residual profit in a partnership is dispersed among the partners based on the profit and loss sh...
Q: Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Compan...
A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts...
Q: The following were the balances of shareholders' equity accounts of a particular company at January ...
A: Retained earning is the residual portion of net income after paying dividend to shareholders. Its li...
Q: 202 UIRE
A: In this ore mining business revenue is earned by extracting ores from mines . Ext...
Q: Marrell is employed on the assembly line of a manufacturing company where she assembles a component ...
A: Direct labor is the salaries and wages paid to workers that can be directly attributed to specific p...
Q: Alpha CD manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is a...
A: The question is related to Budgetory Control. The details are given. In the given question two direc...
Q: Demonstrate the impact of different values on a market value weighted stock index with a hypothetica...
A: Market value is the market value of stocks but for those stocks only which are the outstanding share...
Q: Journal Entries, T-Accounts Kapoor Company uses job-order costing. During January, the following da...
A: A technique for allocating and aggregating manufacturing expenses of a particular unit of output is ...
Q: Problem 3. Below are balances and information taken from the records of Bulls Company for the last q...
A: Factory Cost: It is the total cost required to manufacture goods which is the sum of direct materi...
Q: (a) the cost of the 20 laptops excluding the interest and (b) the cost per laptop.
A: First, the interest for 45 days has to be converted in full year interest. The full year interest ha...
Q: During 2021, Burlington Company incurred operating expenses amounting to $600,000, of which $550,000...
A:
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: 10. Game Land is an online video game retailer that sells video games at discounted prices. Because ...
A: The Best inventory system for Game land to invest in is as follow.
Q: 20. ABC Organization, a not-for-profit entity, received the following donations during 20x1: • Land ...
A: Unrestricted net assets are the assets donations made to not-for-profit organizations that can be us...
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: Alpha CD makes all sales on account, subject to the following collection pattern: 30% are collected ...
A: Formula: August 31 Receivables Balance = Total sales - Total cash collected
Q: Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following ...
A: Total raw materials used = $10,000 + $28,000 = $38,000 Total factory labor costs = $8,000 + $36,000 ...
Q: DCM Clocks received the following two invoices from its supplier: $25,000 on August 29, 2014 and $24...
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after...
Q: Presented below is information related to XYZ, Inc. Cost Retail Beginning inventory Purchases $ 425,...
A: The retail inventory method is used by the retailers in case of resale of inventory.
Q: Suppose the transportation cost to send a 2000 lb shipment from St. Louis to Tampa $3500. 1. Compa...
A: The question is related to weight by mass. The lb and pound are same.
Q: Panther Company currently sponsors a defined benefit pension plan for its employees. At the end of 2...
A: A pension plan is a retirement plan that requires an employer to make contributions to a pool of fun...
Q: 15. Macdohad 150,000 units of product A on hand at January 1, 2020, costing P21 each. Purchases of P...
A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of ...
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: On January 1, 2021, Entity A received land with fair of ₱200,000 from the government conditioned on ...
A: Depreciation is the allocation of cost of the asset over the useful life of the asset. There are man...
Q: Mickey Mouse Company had zero units in its Work in Process Inventory. During the period it completed...
A: Work in process inventory consists of those units which are not completely manufactured yet and some...
Q: distinguish efficiency and effectiveness in operation audit performed by an internal auditor
A: Internal auditor is a person who provides audit services to the organization while working internall...
Q: PPP Company sold $5 million of protective equipment during the current year of operations. The compa...
A: Under accrual basis of accounting, revenues are recorded in the year in which sales are made. Under ...
Q: A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30...
A: Given information, Direct materials =P80,000 Direct labour = P30,000 Factory overhead = 50% of direc...
Q: A machine shop purchased a P45000 of equipment. What is the yearly straight line depreciation stra...
A: Straight Line depreciation: Straight line depreciation is a typical technique of depreciation that r...
Q: Wallace Corporation summarizes the following information from its weekly payroll records during Apri...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Test VII. High and Low Points Method. A controller is interested in analyzing the fixed and variable...
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest ...
Q: ВС113 stimated Use of Cost Activity-Based Drivers per Product Overhead Rates As $ %24 %24 %24
A: Activity cost pool Estimated Overhead Cost driver per activity Cost per driver Machine setup 16400...
Q: At the beginning of 2020, Buck Corporation had assets of $540,000 and liabilities of $320,000. Durin...
A: The amount of assets that remain accessible to shareholders after all liabilities have been paid is ...
Q: August 10: Paid cash for advertising, $400 Debit Cash, Credit Advertising Expense O Debit Advertisin...
A: Expenses normally has debit balance. Increase in expenses should be debited and decrease in expenses...
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: Kiwenkira & Son Ltd makes and sells a single product marketed under the brand name Kiwetonic for th...
A: Income statement represents the net income or net loss of the company that is calculated by deductin...
Q: Topic: Standard Costing and Variance Analysis Question: Create a concept map which discusses on the ...
A: Standard Costing and Variance Analysis Always Standard compared with Actual Result either Favourabl...
Q: Footfall Manufacturing Ltd. reports the following financial information at the end of the current ye...
A: Ratio analyses are used to evaluate the current conditions of the business and compare them with the...
Q: During 2020, Parent sells land to Subsidiary for $226,800. The land had a book value of $159,000. Th...
A: The question is based on the concept of Financial Accounting.
Q: 10. XYZ has developed the following data from its Material A Safety stock Average (normally) daily u...
A: SOLUTION- FORMULA- AVERAGE INVENTORY = EOQ / 2 + SAFETY STOCK.
Q: 2 no Question Requirement: Compute the following: (i) Material price Purchase variance (ii) Materi...
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: A note was issued in the amount of P500,000 for a loan from BPI
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
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: The Alpha CD Company's budgeted income statement reflects the following amounts: January February Ma...
A: 1. Budgeting - Budgeting is the assumptions made by the organization based on the past performance. ...
Q: Tiwala Lhungz Company Tiwala Lhung Company Balance Sheet Income Statement As of December 31, 2016 Fo...
A: Ratio Analysis: Company's liquidity, operational efficiency, and profitability of the company is o...
Q: BC Inc. is a wholesaler of office supplies. The activity for Product X during August is shown below:...
A: Value of ending inventory using FIFO method Under FIFO method, Value of ending inventory is calculat...
Q: Which of the following equations can be used to compute a materials price variance (where AQ = actua...
A: Introduction: Materials price variance: Difference between the Standard price and actual price and w...
Q: A lender is a creditor. Group of answer choices True False
A: Hi student Since there are multiple questions, we will answer only first question.
Which of the following statements is true?
- All organizations are required to budget.
- Budgets are a quantitative expression of an organization’s goals and objectives.
- Budgets should never be used to evaluate performance.
- All organizations have the same set of budgets.
Step by step
Solved in 2 steps
- Why is a clear understanding of managements goals and objectives necessary for effective budgets?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 losses
- If management is being evaluated on their ability to manage a budget, what can they do to increase cash flow?Which of the following includes only financial budgets? capital asset budget, budgeted income statement, sales budget production budget, capital asset budget, budgeted balance sheet cash budget, budgeted balance sheet, capital asset budget budgeted income statement, direct material purchases budget, cash budgetSuppose 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?
- Which approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgetingWhich of the following statements about budgeting is incorrect? a. Budgets provide direction and coordination b. Budgets motivate staff c. A budget is a financial plan. d. A budget looks back and review performance.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.
- Which of the following is NOT an objective of the budgeting process? Group of answer choices a - To communicate management's plans throughout the entire organization b - To ensure that the company continues to grow. c - To uncover potential bottlenecks before they occur d - To provide a means of allocating resources to those parts of the organization where they can be used most effectively.Which of the following is not the key purpose of budget: Planning Controlling and Administering Reporting and evaluating Maximizing the profitThe budgeting process does not involve which of the following activities? a. periodic comparison of actual results to goals b. increased marketing efforts to boost sales c. execution of plans to achieve goals d. establishment of specific goals
