?Which of the following statements is false about budgeted income statement and budgeted balance sheet .None of the given answers .a O The cash budget must be prepared first before preparing both the budgeted income statement and the .b O .budgeted balance sheet The ending finished goods inventory will be included in the budgeted balance sheet .c O The budgeted balance sheet must be prepared first before preparing the budgeted income statement .d O .Credit purchases will be included in the accounts payable in the budgeted balance sheet .e O

?Which of the following statements is false about budgeted income statement and budgeted balance sheet .None of the given answers .a O The cash budget must be prepared first before preparing both the budgeted income statement and the .b O .budgeted balance sheet The ending finished goods inventory will be included in the budgeted balance sheet .c O The budgeted balance sheet must be prepared first before preparing the budgeted income statement .d O .Credit purchases will be included in the accounts payable in the budgeted balance sheet .e O

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 1M

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Which of the following statements is false about budgeted income statement and budgeted balance sheet? O a. Credit purchases will be included in the accounts receivable in the budgeted balance sheet. O b. The cash budget must be prepared first before preparing both the budgeted income statement and the budgeted balance sheet. O c. None of the given answers. O d. The budgeted income statement must be prepared first before preparing the budgeted balance sheet. O e. The ending finished goods inventory will be included in the budgeted balance sheet. 11:34 e to search W AD 4 dx ENG 22-05-2021 12) の SEV rt se delete Tome 96 & back space Sock 8 A R T home 5 0 D enter F K pause t shift 1 B M end ait ctri
Which of the following statements is false about budgeted income statement and budgeted balance sheet? a. None of the given answers. O b. Credit purchases will be included in the accounts receivable in the budgeted balance sheet. The ending finished goods inventory will be included in the budgeted balance sheet. O C. O d. The cash budget must be prepared first before preparing both the budgeted income statement and the budgeted balance sheet. O e. The budgeted income statement must be prepared first before preparing the budgeted balance sheet.
Which of the following statements is false? Select one: a. According to responsibility accounting, all managers should be held responsible for all asbects of the master budget. o b. Budgets helps uncover potential bottlenecks. c. Budgeting forces managers to think about and plan for the future. o d. One benefit of following a well-designed budgeting process is Improved performance evaluations. e. Budgeted cash collections typically consist of collections on sales made to customers in prior periods plus collections on sales made in the current budget period. Which of the following activities would be classified as a batch-level activity? Select one: a. none of the given answer. b. Designing a new product. c. Milling a part required for the final product. d. Setting up equipment. e. Training employees.
Which of the following statements is false about budgeted income statement and budgeted balance sheet ? a . The ending finished goods inventory will be included in the budgeted balance sheet . b. None of the given answers . c . The budgeted income statement must be prepared first before preparing the budgeted balance sheet . d. Credit purchases will be included in the accounts payable in the budgeted balance sheet. e. The cash budget must be prepared first before preparing both the budgeted income statement and the budgeted balance sheet.
Identify the inaccurate statement. O The primary objective of preparing financial plans is to estimate the future financing requirements in advance. O The cash budget contains revenue projections and expenses in the month in which they are expected to occur. O One of the key steps in the development of pro forma financial statements is to identify those assets and liabilities which increase spontaneously with net income that some, but not all, income statement and balance sheet items maintain a constant relationship with the level of sales." O "A fundamental premise of percent of sales method A Moving to another question will save this response. « < Questior
Which 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 of the following statements is NOT correct? a. The cash budget must be prepared prior to the sales budget because managers want to know the expected cash collections on sales made to customers in prior periods before projecting sales for the current period. b. The sales budget is constructed by multiplying the expected sales in units by the sales price. c. The sales budget is the starting point in preparing the master budget. d. The sales budget generally is accompanied by a computation of expected cash receipts for the forthcoming budget period.
A Moving to another question will save this response. Question 12 Which of the following statements is false with respect to a budgeted income statement? O Its interest expense flows from the financing section of the cash budget. O Its net income will impact the ending retained earnings balance shown on the balance sheet. O Its cost of goods sold is derived from the corresponding dollar amount shown in the production budget. O Its selling and administrative expenses may include depreciation expense even though it is not a cash flow. A Moving to another question will save this response. ?
Which of the following statements is incorrect concerning budget preparation? A. The rolling budget approach is not often used in practice because it requires that management be in perpetual budgeting mode. B. If a zero-based budgeting approach is used, the annual budgeting process begins with a review of the results of the prior operating period. C. If a participative approach is used to prepare budgets, all levels of management are involved in the budgeting process. D. The preparation of the sales budget is the starting point in the budgeting process for all companies. E. Participative budgeting increases the risk that employees will create budgetary slack.
Which one of the following is the incorrect statement regarding Budgets? Select one: a. Budget is qualitative statement of policy b. All are correct statement regarding budget. C. Budget is a predetermined statement d. Budget prepared for a defined period of time
1. A budget is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. a. True b. False 2. Budgets should not be used to provide managers with “pre-approval” for the execution of spending plans. a. True b. False 3. A flexible budget is not designed to change with changes in activity level. a. True b. False 4. The production budget comes before the materials purchases budget. a.True b. False 5. The starting point for the master budget is an assessment of anticipated production next year. a. False b. True
All of the following are necessary for budgets to be effective except Select one: a. Employees affected by a budget should be consulted when it is prepared. b. All budgeted amounts must be spent to ensure that budgets arent reduced for the next period c Coals should be challenging and attainable O d Managers must be aware of potential negative outcomes of budgeting. such as budgetary slack