TRUE OR FALSE 12. If actual results are different from planned results by a large amount, the difference should be investigated by management to achieve effective budgetary control.
Q: Ch Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial in...
A:
Q: dding to his portfolio. Bond A has a 7.5% semiannual coupon, matures in 12 years, and has a $1,000 ...
A: A) Bond A : At discount Bond B : At par Bond C : At premiumB) Price of Bond A Using financial calcul...
Q: ures a product that yields the by-product "Yum." The only costs Abel Corp. man Sociated with Yum are...
A: Correct option is A. Increases by P90,000 Sales(100,000 × 1) = 100,000 Less: selling cost = (10,...
Q: The expected total overhead cost when 120,000 machine hours was used is:
A: Calculation of cost per machine hour:: Indirect material::$1.5 per machine hour For 80,000 hours it ...
Q: 4. Material Price variance. Standard direct labor rate per hour. 6. Labor Rate variance. 5.
A: Material price variance: = Standard Price × Actual Quantity - Actual price × Actual Quantity OR =...
Q: Complete the vertical analysis by computing each missing line item as a percentage of sales revenues...
A: Vertical analysis means each line item as a percentage of a base figure within the statement lik...
Q: Riverdale manufactured ladies apparel. Charges to work in process account show: Direct materials...
A: Overhead means the cost incurred indirect in factory for the production of goods. Job costing means ...
Q: ood Company manufactures basketballs. The company has a ball that sells for $25. At present, the bal...
A: Solution 1-a: Sales Price 25 Less: Variable cost per unit 15 Contribution Margin per unit 10...
Q: hat are the factors upon which reliable and relevant audit evidence depends o
A: Information that backs up and corroborates management's financial statement declarations or internal...
Q: Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of ...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: Nadine bought 100 shares of oak stock for $30 a share on april 30 2019 on july the 1st 2020 she not...
A: Given, Nadine bought 100 shares of OAK STOCK @ $30 Purchase Value of shares = 100 * $30 = $3000 Sal...
Q: Moore Company uses the LIFO cost flow assumption and carries Product A in inventory on December 31, ...
A: Solution: Unit cost = $9,50 Replacement cost = $6.50 per unit NRV per unit =$10 - $1 = $9 per unit ...
Q: Buggs-Off Corporation produces and sells a line of mosquito repellants that are sold usually all yea...
A: b) Indirect Labor: High Low Method: Units Indirect labor High 6000 50000 Low 4000 40000 C...
Q: The cost of materials used under perpetual average method is: (two decimal places for unit cost; ro...
A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...
Q: Part 2- True or False 1. The account holder may issue a bank check from a savings account. 2. The ac...
A: As posted multiple independent questions we are answering only first question kindly repost the unan...
Q: The company, a wholesaler, budgeted sales for the indicated months June July ...
A: Formula: cost of goods sold for the month of June = June sales x ( 25 / 125 )
Q: 25.Financial accounting reports are directed toward the needs of a. regulatory agencies. b. inte...
A: Financial accounting reports are directed toward the needs of External Users
Q: a book club at a nearby community center makayla led the book for early January until March 19 ...
A: Self-employed people can use the ITR-4 or ITR-4S forms to file their income tax returns. Instead of ...
Q: Prepare a Cash Flow Statement using the DIRECT Method. DO NOT use the INDIRECT Method Not all accoun...
A: Cash Flow Statement (Direct Method) Cash Flow from Operating Activities Amount (In $) Amount (I...
Q: Trans Union Corporation issued 5,200 shares for $50 per share in the current year, and it issued 10,...
A: When shares are sold or issued , cash account will be debited which increases the total assets and s...
Q: omissions and Advise the of yhe consequences of not amending the previous years return Make ...
A: Answer are as follows
Q: Solve the problem. Which fairness criterion is always satisfied by the plurality with elimination me...
A: The majority criteria is always satisfied by the plurality with the elimination method.. Since the p...
Q: Which of the following statements is correct? a. Accounting for materials under FIFO is differen...
A: Lets start with basic understanding. There are two inventory system follow by the entity which are, ...
Q: The following transactions are extracted from the accounting records of Transwell Services for the m...
A: Journal is the book of original entry in which all the transactions of the business are recorded ini...
Q: 4. Which of the following is truè õf a Olt is a potential liability that depends on a future event. ...
A: Solution: A contingent liability is a potential liability that may result in outflow of resources in...
Q: Assume that the company had switched from the average cost method to the FIFO method with net income...
A: If the company changed its method of inventory pricing from LIFO to FIFO, then the net income that w...
Q: Using the rounded amounts from the support cost allocation table (previous task), complete the follo...
A: As per your requirement solution is for the allocation of the production department costs to the eac...
Q: The income statement account balamnces for the year ended Dec. 31 shows the following: Net Sales 87...
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Prepare a bank reconciliation statement for Juan Company for the month of April 2020, using the foll...
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with...
Q: Rogers Mining Company purchased a coal mine for $5,000,000 and expects yield of 8,000,000 tons of co...
A: Depletion cost per ton = Purchase cost of coal mine / Expected yield in tons = $5000000/8000000 = $0...
Q: adjusting entries
A: Adjusting entries are journal entries made to rectify the mistakes in account balances.
Q: Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The compa...
A: How many pizzas must Vince's sell to break oven::: Contribution margin per Pizza is::::$9-$3=$6 per ...
Q: What would be the total cost at a production level of 180 units?
A: We have to find the marginal cost per unit (Variable cost per unit) to produce each unit. The requir...
Q: Budgeted Income Statement and Supporting Budgets The budget director of Jupiter Helmets Inc., with ...
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally...
Q: Millan Company provided you with the following data: Budgeted Fixed FOH costs $207,000; Actual FOH i...
A: The Following Information Given: Where as; Actual Hours = 70,000 Hours Variable FOH Rate direct labo...
Q: BSBA Company manufactures beers and soft drinks. Beers (5,000 units) will require 1 set-up, 4 inspec...
A: Total factory overhead charged to each unit of soft drink = (No. of activity for setup x overhead r...
Q: 2. A and B formed a partnership. The following are their contributions: (in the picture below) Requi...
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Use the following table to allocate the support cost departments. Round allocated amounts to the nea...
A: Cost allocation is a method of delivering assistance to the cost centres of a shared service organis...
Q: a) The risk of the auditor "getting it wrong" or giving opinions that are not 100% accurate will alw...
A: Materiality as it is used in audit reporting can be defined as determining those significant issues,...
Q: A company manufactures toy airplanes Information on its labor costs follow Sales commissions P5 per...
A: Formula: Budgeted labor cost = ( Sales commission x sales units ) + Administration cost
Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services rende...
A: Note payable ::::P2,000,000.... Interest expenses::2000000*3%*9/12 months=P45,000...... The compound...
Q: Describe the trend of revenues from 2007 to 2010. What observations can be drawn? 2. Describe the tr...
A: Trend of the components of income statement can be drawn and analyzed further over a period of time,...
Q: In the formula y = a + bX, y represents a. total fixed cost b. total variable cost c. total cost d...
A: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest activity units - ...
Q: During 2021, Sheridan Company purchased $4100000 of inventory. The cost of goods sold for 2021 was $...
A: Solution: beginning inventory = cost of goods sold + ending inventory - purchases =4049000 + 410000 ...
Q: Using the high-low method, how much is the electricity costs if the actual machine hours used is 2,8...
A: Solution:- Calculation of the electricity costs if the actual machine hours used is 2,800 as follow...
Q: BSBA Company manufactures beers and soft drinks. Beers (5,000 units) will require 1 set-up, 4 inspec...
A: Overhead means the cost incurred indirect in factory for the production of goods. Job costing means ...
Q: Problem 11: Materials, Labor and Factory Overhead Variances Julie Corporation uses a standard cost s...
A: The variances are computed by comparing the actual result with budgeted results. As per the specifi...
Q: he variable production cost per unit and the total fixed production overhead. ii) The total variable...
A: Variable Cost: variable cost is the cost that varies in total cost with change in the unit productio...
Q: Business Division Consumer Division ales $42,800,000 $56,000,000 ost of goods sold 23,500,000 30,500...
A: Solution: Business division Consumer division Sales 42800000 56000000 Cost of goods sold 23...
Q: Record (write out in proper journal entry format) each of the adjusting entries. Post each of these...
A: * Interest expense= 7000*9.5%*5/12= $ 277
PLEASE ANSWER ALL
TRUE OR FALSE
12. If actual results are different from planned results by a large amount, the difference should be investigated by management to achieve effective budgetary control.
13.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- If management is being evaluated on their ability to manage a budget, what can they do to decrease cash outflow?Which of the following statements is True? a. Budget data are generally prepared by top management and distributed downward in anorganization b. The budget committee is responsible for preparing detailed budget figures in anorganization c. The primary purpose of the cash budget is to show the expected cash balance at the endof the budget period. d. Under zero-based budgeting, a manager is required to start at zero budget levels each period, as if the programs involved were being initiated for the first timeWhich 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 of the following is NOT true of the budgeting process? Question 8 options: Budgeting provides feedback to management to aid in assessing how well it's reaching its goals. Budgets force managers to plan for the future. Budgets force managers to consider relations among operations across the entire value chain. The performance report is prepared as part of the master budget.When budgets are used to evaluate performance and to set limits on spending, the process will often result in departments adding something “extra” to ensure the budgets will be met. This “extra” is Budgetary slack Strategic planning Management by objectives Continuous budgetingWhich of the following is an example of a situation in which a company could use budget information to make operational changes: Select one: a. Total revenues exceed projected costs. b. Profits are expected to rise. c. Accounts receivables are in order. d. Estimated sales exceed actual sales.
- The budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies is for management to spend any amounts remaining in a budget at the end of the budget period, a practice often called “use it or lose it.” The view is that if a department manager does not spend the budgeted amount, top management will reduce next year’s budget by the amount not spent. To avoid losing budget dollars, department managers often spend all budgeted amounts regardless of the value added to products or services. All of us pay for the costs associated with this budget system. Required Write a half-page report to a local not-for-profit organization or government agency offering a solution to the “use it or lose it” budgeting problem.Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies is for management to spend any amounts remaining in a budget at the end of the budget period, a practice often called "use it or lose it." The view is that if a department manager does not spend the budgeted amount, top management will reduce next year's budget by the amount not spent. To avoid losing budget dollars, department managers often spend all budgeted amounts regardless of the value added to products or services. All of us pay for the costs associated with this budget system. Required Please respond by offering a solution to a not-for-profit that utilizes the "use it or lose it" budgeting problem.Which of the following statements is not correct? The revenue budget is the starting point in preparing the master budget. The revenue budget is constructed by multiplying the expected sales in units by the sales price. The production budget is not based on the revenue budget. The cash budget is used to determine whether the firm will have enough cash on hand.
- Briefly describe human behavior problems that might arise if budget goals are set too tightly. What behavioral problems are associated with setting a budget too loosely? When would a company use zero-based budgeting? Why should the production requirements outlined in the production budget be carefully coordinated with the sales budget?Which of the following statements is incorrect? The cash budget shows anticipated cash flows. The production budget is derived from the direct materials and direct labor budgets. A continuous twelve-month budget results from dropping the month just ended and adding a future month. In the budget process for not-for-profit organizations, the emphasis is on cash flow rather than on revenue and expenses.The cash budget and the budgeted statement of cash flows both provide information about cash. What information about cash is common to these two sources, and what information is unique to the twosources? Assume that in preparing the cash budget, the accountant discovers that a cash shortage will likely occur in a specific month. What actions might the accountant recommend to management to deal with the cash shortage?
