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1

Accounting

1.

Which of the following is NOT an objective of the budgeting process?

A.

To communicate management's plans throughout the entire organization.

B.

To provide a means of allocating resources to those parts of the organization where they can be used most effectively.

C.

To ensure that the company continues to grow.

D.

To uncover potential bottlenecks before they occur.

2.

The budget method that maintains a constant twelve-month planning horizon by adding a new month on the end as the current month is completed is called:

A.

an operating budget.

B.

a capital budget.

C.

a continuous budget.

D.

a master budget.

3.

The direct labor budget is based on:

A.

the desired ending inventory of finished goods.

B.

the beginning inventory of finished goods.

C.

the required production for the period.

D.

the required materials purchases for the period.

4.

Sioux Corporation is estimating the following sales for the first four months of next year:

  

Sales are normally collected 60% in the month of sale, 35% in the month following the sale, and the remaining 5% being uncollectible. Based on this information, how much cash should Sioux expect to collect during the month of April?
 

A.

$286,500

B.

$320,000

C.

$192,000

D.

$94,500

5.

Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year.

  

*Three pounds of raw material are needed to produce each unit of finished product.

If Paradise Corporation plans to sell 480,000 units during next year, the number of units it would have to manufacture during the year would be:
 

A.

440,000 units

B.

480,000 units

C.

510,000 units

D.

450,000 units

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Qns 1 Option C To ensure that the company continues to grow.      
                   
  Budgeting process is totally used for optimising resources available and to help  
  management to decide on policies. No where budgeting objective to ensure company growth
                   
Qns 2 Option C a Continuous Budget          
                   
  A continuous budget is a budget whereas one extra month is added at month-end. This budget is constantly revised whenever one extra month is added to the budget. The concept of a continuous budget is applied to a twelve-month budget. Thus the period of this budget of the company varies from the organizational fiscal year.      
       
       
       
       
                   
Qns 3 Option C the required production for the period        
                   
  Direct Labor budget is prepared based on available labor hours and required labor  
  hours for production for a particular period.        
                   
Qns 4 Option A     $286,500          
                   
  January $260,000              
  February $230,000              
  March $270,000              
  April $320,000              
                   
  In April , company will receive            
  35% of March 270000*35% 94500        
  60% of April 320000*60% 192000        
  April month collection   286500        
                   
                   
Qns 5 Option D   450000 Units          
                   
  Planned Sales qty 480000            
  Closing Inventory 50000            
      530000            
  Opeing Inventory 80000            
  TO Manufacture 450000            
 

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