Quiz 4 - Assessed PDF

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9/20/2018

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Quiz 4 - Assessed

▶ AF102_201803 ▶ Quiz 4 - Assessed

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Thursday, 20 September 2018, 11:28 AM Finished Thursday, 20 September 2018, 11:43 AM 14 mins 29 secs 8.00 out of 10.00 (80%)

1

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The following credit sales are budgeted by Terra Co.: January

$204,000

February

300,000

March

420,000

April

360,000

The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is

Select one: a. $352,800. b. $336,000. c. $370,320. d. $360,000. 

Your answer is correct. The correct answer is: $360,000.

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Quiz 4 - Assessed Question

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▶ AF102_201803 ▶ Quiz 4 - Assessed

A budget Select one: a. is the responsibility of the accounting department. b. can operate or enforce itself. c. is an aid to management. d. is a substitute for management

Your answer is correct. The correct answer is: is an aid to management.

Question

3

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The budget committee in a company is often headed by the Select one: a. controller. b. budget director. c. treasurer. d. president.

Your answer is incorrect. The correct answer is: budget director.

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▶ AF102_201803 ▶ Quiz 4 - Assessed

Which is the last step in developing the master budget? Select one: a. Preparing the cash budget

b. Preparing the budgeted income statement c. Preparing the cost of goods manufactured budget d. Preparing the budgeted balance sheet

Your answer is correct. The correct answer is: Preparing the budgeted balance sheet

Question

5

Correct Mark 1.00 out of 1.00

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

Select one: a. Depreciation b. Sales commissions c. Indirect labor  d. Property taxes

Your answer is correct. The correct answer is: Indirect labor

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Quiz 4 - Assessed

▶ AF102_201803 ▶ Quiz 4 - Assessed Question

6

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The direct materials and direct labor budgets provide information for preparing the Select one: a. cash budget. b. manufacturing overhead budget. c. sales budget. d. production budget.

Your answer is incorrect. The correct answer is: cash budget.

Question

7

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A sales forecast Select one: a. shows a forecast for the firm only. b. shows a forecast for the industry only. c. plays a minor role in the development of the master budget. d. shows forecasts for the industry and for the firm. 

Your answer is correct. The correct answer is: shows forecasts for the industry and for the firm.

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▶ AF102_201803 ▶ Quiz 4 - Assessed

Garnett Co. expects to purchase $180,000 of materials in July and $210,000 of materials in August. Three-fourths of all purchases are paid for in the month of purchase, and the other one-fourth are paid for in the month following the month of purchase. How much will August's cash disbursements for materials purchases be?

Select one: a. $210,000 b. $135,000 c. $202,500  d. $157,500

Your answer is correct. The correct answer is: $202,500

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▶ AF102_201803 ▶ Quiz 4 - Assessed

The culmination of preparing operating budgets is the

Select one: a. budgeted balance sheet. b. cash budget. c. budgeted income statement. d. production budget.

Your answer is correct. The correct answer is: budgeted income statement.

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▶ AF102_201803 ▶ Quiz 4 - Assessed

Correy Inc. reported the following information for 2016: October Budgeted sales Budgeted purchases ·

$460,000 $240,000

November $440,000 $256,000

December $540,000 $288,000

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?

Select one: a. $490,000 b. $450,000  c. $440,000 d. $220,000

Your answer is correct. The correct answer is: $450,000

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▶ AF102_201803 ▶ Quiz 4 - Assessed

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