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Exam 9: Reporting and Analyzing Long-Lived Assets

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Question 81

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The budget committee would not normally include the

A) research director.
B) treasurer.
C) sales manager.
D) external auditor.

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Question 82

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A manufacturing overhead budget is not needed if the company develops a predeter-mined overhead rate to apply overhead.

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Question 83

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In order to develop a budgeted balance sheet, the previous year's balance sheet is needed.

Which of the following is done to improve the reliability of the sales forecast?

Correy Inc.reported the following information for 2013: $\begin{array}{llll}&\text { October }&\text {November }&\text {December }\\\text { Budgeted sales } & \$ 460,000 & \$ 440,000 & \$ 540,000 \\\text { Budgeted purchases } & \$ 240,000 & \$ 256,000 & \$ 288,000\end{array}$ All sales are on credit. -Customer amounts on account are collected 50% in the month of sale and 50% in the following month. -Cost of goods sold is 35% of sales. -Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. -Accounts payable is used only for inventory acquisitions. How much cash will Correy receive during November?

Off-Line Co.has 9,000 units in beginning finished goods.The sales budget shows expected sales to be 36,000 units.If the production budget shows that 42,000 units are required for production, what was the desired ending finished goods?

Budgeting is usually most closely associated with which management function?

Which is true of budgets?

Budgets are statements of management's plans stated in financial terms.

Budgeting and long-range planning are two terms that describe the same process.

The responsibility for expressing management's budgeting goals in financial terms is performed by the

Which of the following expenses would not appear on a selling and administrative expense budget?

In the direct materials budget, the quantity of direct materials to be purchased is computed by adding direct materials required for production to

What is the proper preparation sequencing of the following budgets? 1. Budgeted Balance Sheet 2. Sales Budget 3. Selling and Administrative Budget 4. Budgeted Income Statement

The projection of financial position at the end of the budget period is found on the

Financial budgets must be completed before the operating budgets can be prepared.

Budget development for the coming year usually starts