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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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