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Question
A comprehensive or overall formal plan for a business that includes specific plans for expected sales, the units of product to be produced, the merchandise or materials to be purchased, the expenses to be incurred, the long-term assets to be purchased, and the amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet, is called a:
A. Master budget.
B. Cash budget.
C. Capital expenditures budget.
D. Rolling budget.
E. Production budget.
Answer
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Related questions
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What are the four steps in the effective management of variance analysis?
Q:
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$12 per finished unit Actual direct materials used
243,000 lbs. Actual finished units produced
40,000 units Actual cost of direct materials used
$483,570 A. $6,000 favorable.
B. $3,570 unfavorable.
C. $2,430 favorable.
D. $6,000 unfavorable.
E. $3,570 favorable.
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B. $10,000 favorable.
C. $22,000 favorable.
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E. $32,000 favorable.
Q:
When recording the journal entry for labor, the Goods in Process Inventory account is
A. Debited for standard labor cost.
B. Debited for actual labor cost.
C. Credited for standard labor cost.
D. Credited for actual labor cost.
E. Not used.
Q:
Adams, Inc. uses the following standard to produce a single unit of its product: overhead (2 hrs. @ $3/hr.) $ 6. The flexible budget for overhead is $100,000 plus $1 per direct labor hour. Actual data for the month show overhead costs of $150,000, and 24,000 units produced. The overhead volume variance is:
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Q:
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$28,175 Standard factory overhead: Variable overhead ...
$3.10 per unit produced Fixed overhead ($12,000/6,000 estimated units to be produced)
$2 per unit Actual units produced ..
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B. $1,295F.
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Q:
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45,000 Actual rate per hour ..
$15 Standard rate per hour ..
$14 Standard hours for units produced ...
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B. $28,000 unfavorable.
C. $45,000 unfavorable.
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E. $17,000 unfavorable.
Q:
The following information describes a company's usage of direct labor in a recent period. The direct labor efficiency variance is: Actual hours used .
45,000 Actual rate per hour ..
$15 Standard rate per hour ..
$14 Standard hours for units produced ...................
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B. $28,000 favorable.
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Q:
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Q:
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A. $ 400 unfavorable.
B. $ 450 unfavorable.
C. $2,500 unfavorable.
D. $2,550 unfavorable.
E. $2,950 unfavorable.
Q:
A company is trying to decide which of two new product lines to introduce in the coming year. The predicted revenue and cost data for each product line follows: Product A
Product B Sales............................................................
$80,000
$96,000 Direct materials............................................................
3,000
6,000 Direct labor............................................................
30,000
45,000 Other cash operating expenses............................................................
7,500
9,000 New equipment costs............................................................
75,000
100,000 Estimated useful life (no salvage)............................................................
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Q:
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Toys
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$1,000,000
$600,000
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(1,260,000)
(500,000)
(400,000)
(360,000) Gross profit.........................................
840,000
500,000
200,000
140,000 Direct expenses.........................................
(420,000)
(200,000)
(100,000)
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(350,000)
(100,000)
(75,000)
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$ 70,000
$ 200,000
$ 25,000
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Q:
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Q:
Identify at least three reasons for managers to favor the internal rate of return (IRR) over other capital budgeting approaches.
Q:
At the end of the accounting period, immaterial variances are closed to _____________.
Q:
If actual price per unit of materials is greater than the standard price per unit of materials, the direct materials price variance is _______________________.
Q:
A favorable variance for a cost means that when compared to the budget, the actual cost is ____________________ than the budgeted cost.
Q:
A standard that takes into account the reality that some loss usually occurs with any process under normal application of the process is known as a _______________ standard.
Q:
Companies promoting continuous improvement strive to achieve _____________ standards by eliminating inefficiencies and waste.
Q:
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Q:
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Q:
The following information describes production activities of the Central Corp.: Raw materials used
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Q:
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Q:
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