Which of the following statements is not correct? The sales budget is constructed by multiplying the...
Which of the following statements is not correct?
-
The sales budget is constructed by multiplying the expected sales in units by the sales price.
-
The sales budget is the starting point in preparing the master budget.
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Using methods such as trend analysis and the Delphi technique can help reduce subjectivity in forecasting sales.
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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.
Homework Answers
answer : the cash budget must be prepared prior to 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 is not correct .
explanation
sales budget is constructed by multiplying the expected sales units with the sales price - correct
sales budget is the starting point in preparing the master budget - correct
using the methods such as trend analysis and Delphi technique can help reduce subjectivity in forecasting sales - correct
cash budget is prepared after the sales budget and other operating budgets
first prepare the sales budget and then prepare the cash budget for estimating the expected cash collections
it is not possible to estimate expected cash collections with out preparation of sales budget .that is why the statement is nor correct
Add Answer to:
Which of the following statements is not
correct?
The sales budget is constructed by multiplying the...
Question 23 (2.5 points) Silver Spoon Service repairs commercial food preparation equipment. The following budgeted cost...
Question 23 (2.5 points) Silver Spoon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 20X9: Time Material Charges Charges Technicians' wages and benefits $500,000 Parts manager's salary and benefits $72000 Office manager's salary and benefits 112.000 18.000 Other overhead 48.000 135,000 Total budgeted costs $600.000 $225,000 Silver Spoon has budgeted for 10.000 hours of technician time during the coming year it desires a $54 profit margin per hour of labor and a 40% profit...
The usual starting point for preparing a master budget is forecasting or estimating: Multiple Choice Sales....
The usual starting point for preparing a master budget is forecasting or estimating: Multiple Choice Sales. Cash payments Expenditrues . Production. Income.
Calculate the: 1. Sales revenue budget
Calculate the:
1. Sales revenue budget
2. Production budget
3. Direct materials usage and purchases budget
4. Direct labour budget
5. Manufacturing overhead budget
6. Ending inventories budget
7. Cost of goods sold budget
8. Support department budget
9. Budgeted income statement
Budgets & Budgetory Controls The management accountant for Wow Wheels, a manufacturer of sports bikes, is in the midst of...
Which of the following statements is correct? The direct materials usap budget and the capital expenditures...
Which of the following statements is correct? The direct materials usap budget and the capital expenditures budget we both determined from the production budget (h) The peneral and administrative operating expenses budget is used as input for the bacted statement of cost of goods manufactured c) The direct materials purchases budget is determined from the direct materials usage budget (d) The budgeted income statement is the first budget prepared in preparing the master budget. 23. When management seeks to achieve...
1. Which of the following statements is (are) not correct in the context of the Delphi...
1. Which of the
following statements is (are) not correct in the context of the
Delphi forecasting methodology? The Delphi Method
involves:
a. Consulting directly with
groups of qualified individuals and then compiling their opinions
into a forecast.
b. Detailed online surveys of
experts and the compiling of their individual answers to create a
median result.
c. Forecasting future
company performance as a function of past operating and financial
data.
d. Research or planning groups
within an organization when members...
3) Which of the following statements is NOT correct concerning the Cash Budget? A) The Cash...
3) Which of the following statements is NOT correct concerning the Cash Budget? A) The Cash Budget builds on earlier budgets and schedules as well as additional data. B) The Cash Budget should be prepared before the Budgeted Income Statement. C) The Cash Budget should be prepared before the Budgeted Balance Sheet. D) It is not necessary to prepare any other budgets before preparing the Cash Budget
Prepare sales and production budgets. A Sheville Company is preparing its master budget for 2022. Relevant...
Prepare sales and production budgets. A Sheville Company is preparing its master budget for 2022. Relevant data pertaining to its sales and production budgets are as follows. Sales. Sales for the year are expected to total 2,100,000 units. Quarterly sales, as a percentage of total sales, are 15%, 25%, 35%, and 25%, respectively. The sales price is expected to be $70 per unit for the first three quarters and $75 per unit beginning in the fourth quarter. Sales in the...
Magna Corporation has prepared the following sales budget: Month Cash Sales Credit Sales Jan $16,000 $68,000...
Magna Corporation has prepared the following sales budget: Month Cash Sales Credit Sales Jan $16,000 $68,000 Feb 20,000 80,000 March 18,000 74,000 April 24,000 92,000 May 22,000 76,000 Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible. Required: Prepare a schedule of cash collections for March through May,
Three Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $20,000 $10,000...
Three Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $20,000 $10,000 April $36.000 $16,000 May $52,000 $30,000 Jung $60.000 $46.0od Credit collections are 40% in the month of sale, 50% in the month following the sale, and 5% two months following the sale. The remaining 5% is expected to be uncollectible. What are the total cash collections in May at Three Brothers Moving? 572,500 557.800 562.400 555.750
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April...
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April $37,000 $12,000 May $40,000 $39,000 June $54,000 $46,000 Credit collections are 10% two months following the sale, 55% in the month following the sale, and 30% in the month of sale. The remaining 5% is expected to be uncollectible What are the total cash collections in June at Feeney Furniture? O A $36,450 OB. $100,000 OC. $90,450 OD. $29,650
Question 23 (2.5 points) Silver Spoon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 20X9: Time Material Charges Charges Technicians' wages and benefits $500,000 Parts manager's salary and benefits $72000 Office manager's salary and benefits 112.000 18.000 Other overhead 48.000 135,000 Total budgeted costs $600.000 $225,000 Silver Spoon has budgeted for 10.000 hours of technician time during the coming year it desires a $54 profit margin per hour of labor and a 40% profit...
Calculate the:
1. Sales revenue budget
2. Production budget
3. Direct materials usage and purchases budget
4. Direct labour budget
5. Manufacturing overhead budget
6. Ending inventories budget
7. Cost of goods sold budget
8. Support department budget
9. Budgeted income statement
Budgets & Budgetory Controls The management accountant for Wow Wheels, a manufacturer of sports bikes, is in the midst of...
Which of the following statements is correct? The direct materials usap budget and the capital expenditures budget we both determined from the production budget (h) The peneral and administrative operating expenses budget is used as input for the bacted statement of cost of goods manufactured c) The direct materials purchases budget is determined from the direct materials usage budget (d) The budgeted income statement is the first budget prepared in preparing the master budget. 23. When management seeks to achieve...
1. Which of the
following statements is (are) not correct in the context of the
Delphi forecasting methodology? The Delphi Method
involves:
a. Consulting directly with
groups of qualified individuals and then compiling their opinions
into a forecast.
b. Detailed online surveys of
experts and the compiling of their individual answers to create a
median result.
c. Forecasting future
company performance as a function of past operating and financial
data.
d. Research or planning groups
within an organization when members...
3) Which of the following statements is NOT correct concerning the Cash Budget? A) The Cash Budget builds on earlier budgets and schedules as well as additional data. B) The Cash Budget should be prepared before the Budgeted Income Statement. C) The Cash Budget should be prepared before the Budgeted Balance Sheet. D) It is not necessary to prepare any other budgets before preparing the Cash Budget
Magna Corporation has prepared the following sales budget: Month Cash Sales Credit Sales Jan $16,000 $68,000 Feb 20,000 80,000 March 18,000 74,000 April 24,000 92,000 May 22,000 76,000 Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible. Required: Prepare a schedule of cash collections for March through May,
Three Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $20,000 $10,000 April $36.000 $16,000 May $52,000 $30,000 Jung $60.000 $46.0od Credit collections are 40% in the month of sale, 50% in the month following the sale, and 5% two months following the sale. The remaining 5% is expected to be uncollectible. What are the total cash collections in May at Three Brothers Moving? 572,500 557.800 562.400 555.750
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April $37,000 $12,000 May $40,000 $39,000 June $54,000 $46,000 Credit collections are 10% two months following the sale, 55% in the month following the sale, and 30% in the month of sale. The remaining 5% is expected to be uncollectible What are the total cash collections in June at Feeney Furniture? O A $36,450 OB. $100,000 OC. $90,450 OD. $29,650
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