BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

Solutions

Chapter
Section
Chapter 13, Problem 1SEQ
Textbook Problem

Static budgets are often used:
A.By production departments
B.By administrative departments
CBy responsibility centers
D.For capital projects

Expert Solution
To determine

Concept Introduction:

Static Budget and Flexible budget:

Static Budget is prepared on the basis of the expected level of output or production. The static budget shows the budgeted costs are revenue at an expected level of activity. The Flexible budget is prepared using the static budget. The Flexible budget is prepared to take the actual level of output or production as a basis.

To choose:

The option for which the static budget is used

Answer to Problem 1SEQ

C. By responsibility centers

Explanation of Solution

Explanation for correct answer:

The static budget is used by responsibility centers. Hence option C is the right answer.

Explanation for incorrect answers:

A. The static budget is used by responsibility centers; hence it is not the right answer.

B. The static budget is used by responsibility centers; hence it is not the right answer.

D. The static budget is used by responsibility centers; hence it is not the right answer.

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Chapter 13 Solutions

Survey of Accounting (Accounting I)
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Ch. 13 - That behavioral problems are associated with...Ch. 13 - When would a company use zero-based budgeting?Ch. 13 - Under what circumstances would a static budget be...Ch. 13 - How do computerized budgeting systems aid firms in...Ch. 13 - What is the first step in preparing a master...Ch. 13 - Why should the production requirements set forth...Ch. 13 - Why should the timing of direct materials...Ch. 13 - In preparing the budget for the Cost of goods...Ch. 13 - a. Discuss the purpose of the cash budget. b. If...Ch. 13 - How does a schedule of collections from sales...Ch. 13 - Give an example of how the capital expenditures...Ch. 13 - What arc the basic objectives in the use of...Ch. 13 - How can standards be used by management to help...Ch. 13 - What is meant by reporting by the "principle of...Ch. 13 - How often should standards be revised?Ch. 13 - How are standards used in budgetary performance...Ch. 13 - a. What are the two variances between the actual...Ch. 13 - The materials cost variance report for Nickols...Ch. 13 - a. 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(LUV)...Ch. 13 - Utilization rate Southwest Airlines Co. (LUV)...Ch. 13 - Utilization rate Southwest Airlines Co. (LUV)...Ch. 13 - Ethics and professional conduct in business The...Ch. 13 - Evaluating budgeting systems Children's Hospital...Ch. 13 - Evaluating budgeting systems Children's Hospital...Ch. 13 - Service company static decision making A bank...Ch. 13 - Service company static decision making A bank...Ch. 13 - Objectives of the master budget Domino's Pizza LLC...Ch. 13 - Integrity and evaluating budgeting systems The...Ch. 13 - Integrity and evaluating budgeting systems The...Ch. 13 - Ethics and professional conduct in business using...Ch. 13 - Variance interpretation Harmony Industries Inc. is...

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