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Questions
Q:
_________ is defined as wrongful or criminal deception intended to result in financial or personal gain.u200b
Q:
_________ requires suppliers to deliver parts and materials just in time to be used in production, eliminating the need for materials inventories.u200b
Q:
_________ are incurred to prevent poor quality in the products or services being produced.u200b
Q:
_________ is the external verification that an independent party provides concerning the content of a corporate sustainability report and/or the process used in preparing a corporate sustainability report.u200b
Q:
u200b_________ refers to the voluntary public disclosure of qualitative and/or quantitative information about an organization's performance on one or more financial and/or nonfinancial dimensions.
Q:
u200b_________ can be defined as the difference between the inherent risk and the residual risk produced by the particular risk response.
Q:
_________ is measured as the benefit of risk response minus the cost of risk response.u200b
Q:
_______________________ are the future cash flows expressed in terms of their present value.
Q:
_______________________ ignore the time value of money.
Q:
_____________________ explicitly consider the time value of money.
Q:
______________________ are projects that, if accepted or rejected, do not affect the cash flows of other projects.
Q:
_______________________ are concerned with the process of planning, setting goals and priorities, arranging financing, and using certain criteria to select long-term assets.
Q:
________________ is the difference between realization and sacrifice, where realization is what the customer receives and sacrifice is what is given up in return.
Q:
_________________ emphasizes only effectiveness of implementation.
Q:
______________________ occurs whenever managers receive information about the effectiveness of strategy implementation as well as the validity of the assumptions underlying the strategy.
Q:
___________________ is after-tax operating income minus the dollar cost of capital employed.
Q:
_______________ indicate the minimum ROI necessary to accept an investment.
Q:
_________________ is found by dividing sales by average operating assets.
Q:
_____________ is the ratio of operating income to sales.
Q:
_____________________ refers to earnings before non-operating revenue, expenses, interest and taxes.
Q:
________________ decision making allows managers at lower levels to make and implement key decisions pertaining to their areas of responsibility.
Q:
______________________ is a prerequisite for assigning responsibility.
Q:
_______________________ is the difference between the actual variable overhead and applied variable overhead.
Q:
_________________ are capacity costs acquired in advance of usage.
Q:
______________ focuses on the continuous reduction of the manufacturing costs of existing products and processes.
Q:
_________________ occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.
Q:
____________________ is the difference between the actual and standard unit price of an input multiplied by the number of inputs used.
Q:
___________________ is calculated by multiplying the unit labor standard by the actual output.
Q:
________________ demands maximum efficiency and can be achieved only if everything operates perfectly.
Q:
___________________ can provide an initial guideline for setting standards, but should be used with caution because they can perpetuate existing inefficiencies.
Q:
_______________ often means the difference between success and failure or between above-average profits and lesser profits.
Q:
Allan Corporation has a sales budget for March of $440,000. About 10% are cash sales and the remainder is sold on account.
The company expects that 60% of credit sales will be collected in the month of the sale, 25% in the next month and 10% in the following month.
Materials purchased on account are expected to be $250,000. Allan pays 35% in the month of the purchase, 50% in the month following the purchase and the remaining 15% in the second month after the purchase.
Salaries and wages of the workers are approximately $45,000 per month. The employees are paid weekly so on average 95% of their wages are paid in the month to which they relate and the remaining 5% is paid in the following month.
Utilities average $4,300 per month.
Rent on the building is $9,000 per month.
Insurance is $3,000 per month and advertising costs are $1,000 per month.
February sales were $320,000 and purchases of materials in February were $170,000; January sales were $200,000 and purchases of materials in January were $130,000.
The cash balance on March 1st is $5,400.
Required:
A. Prepare a schedule of cash receipts
B. Prepare a schedule of cash payments (Accounts payable payments)
C. Prepare a cash budget
Q:
___________________ exists when a manager deliberately underestimates revenues or overestimates cost in an effort to make the future period appear less attractive in the budget than they think it will be in reality.
Q:
_____________________ allows subordinate managers considerable say in how the budgets are established.
Q:
_________________ are used to ensure that budgeted costs can be realistically compared with costs for actual levels of activity.
Q:
____________________ is individual behavior that is in basic conflict with the goals of the organization.
Q:
______________ are the means an organization uses to influence a manager to exert effort to achieve an organizations goals.
Q:
_________________ consists of beginning cash balance and the expected cash receipts.
Q:
__________________ is looking ahead to see what actions should be taken to realize particular goals.
Q:
________________ refers to the relative amount of each product manufactured by a company.
Q:
_______________________ focus on whether a product should be processed beyond the split-off point.
Q:
______________ is the point at which products become distinguishable after passing through a common process.
Q:
__________________ have common processes and costs of production up to a split-off point.
Q:
_____________________ are simply those factors that are hard to put a number on, including things like political pressure and product safety.
Q:
____________________ consists of choosing among alternatives with an immediate or limited end in view.
Q:
_____ are referred to as strictly variable costs.
a. Scarce resources
b. Implicit resources
c. Committed resources
d. Indirect resources
e. Flexible resources