Homework Answers
Option 'A' is correct
A series of budgets for varying rates of activity is termed as Flexible Budget.
A flexible budget is a budget that adjusts or flexes with changes in volume or activity. The flexible budget is more sophisticated and useful than a static budget.
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9. A series of budgets for varying rates of activity is termed a(n) a. flexible budget...
15. A flexible budget is actually a series of budgets for varying levels of activity. A....
15. A flexible budget is actually a series of budgets for varying levels of activity. A. True. B. False. 16. Which of the following budgets is used most frequently for administrative functions. A. Zero-based budget. B. Flexible budget. C. Static budget. D. Capital expenditures budget. 17. The operating budget brings together the projection of all profit-making phases of a company A. True. B. False. 18. A method of budgeting which maintains a twelve-month projection into the future is called: A....
10. The difference between a Master Budget and a Flexible Budget is a. Master Budgets are...
10. The difference between a Master Budget and a Flexible Budget is a. Master Budgets are always more important. b. Flexible Budgets are restated to actual results. c. Master Budgets are created on actual results. d. Flexible Budgets are adapted to marketing changes. e. there is no difference if they are for the same period.
Question 7 (1 point) The flexible budget O is prepared before the master budget is relevant...
Question 7 (1 point) The flexible budget O is prepared before the master budget is relevant both within and outside the relevant range O eliminates the need for a master budge O is a series of static budgets at different levels of activity
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the master budget sales revenue?
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the sales revenue in the flexible budget?
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the actual sales revenue?
James Manufacturing had the following Information available for July: Flexible Budget Variance Flexible Budget Sales Activity...
James Manufacturing had the following Information available for July: Flexible Budget Variance Flexible Budget Sales Activity Variance 4,000U Actual Results 14,000 ? Master Budget $11,000F Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin $90,750 $96,000 ? $129,000 $5,250U ? ? $61,000 $6,000F $7,2000 $ 42,000 ? What was James's flexible budget contribution margin for July? Multiple Choice O $50,000 O $68,200 O $61.000 O $57,200
James Manufacturing has the following information available for July Flexible Budget Variance Flexible Budget Sales Activity...
James Manufacturing has the following information available for July Flexible Budget Variance Flexible Budget Sales Activity Variance 3,0000 Master Budget $16,800F Actual Results Units 12,000 Sales revenue Less: Variable manufacturing costs $88,500 Variable marketing and administrative Contribution margin $52,000 $92,000 $ 5,5000 ? $6,200F $6,3000 $111,000 $ 33,000 ? What was James's flexible budget sales revenue for July? Multiple Choice $156.000 O O $195.000 O $172.800 o
James Manufacturing has the following Information available for July Flexible Budget Variance Flexible Budget Sales Activity...
James Manufacturing has the following Information available for July Flexible Budget Variance Flexible Budget Sales Activity Variance 2,0000 Actual Results 16,000 ? Master Budget $12,300F ? Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin $92,000 $ 101,000 ? $139,000 ? $66,000 $ 9,0000 ? $9,700F $7,700U $ 47,000 ? ? What was James's actual sales revenue for July? Multiple Choice 0 O $216.000 0 $204.300 0 $261.700 0 $192.000
When compared to static budgets, flexible budgets a. offer managers a more realistic comparison of budget...
When compared to static budgets, flexible budgets a. offer managers a more realistic comparison of budget and actual fixed cost items under their control. b. provide a better understanding of the capacity variances during the period being evaluated. c. encourage managers to use less fixed cost items and more variable cost items that are under their control. d. offer managers a more realistic comparison of budget and actual revenue and cost items under their control.
15. A flexible budget is actually a series of budgets for varying levels of activity. A. True. B. False. 16. Which of the following budgets is used most frequently for administrative functions. A. Zero-based budget. B. Flexible budget. C. Static budget. D. Capital expenditures budget. 17. The operating budget brings together the projection of all profit-making phases of a company A. True. B. False. 18. A method of budgeting which maintains a twelve-month projection into the future is called: A....
Question 7 (1 point) The flexible budget O is prepared before the master budget is relevant both within and outside the relevant range O eliminates the need for a master budge O is a series of static budgets at different levels of activity
James Manufacturing had the following Information available for July: Flexible Budget Variance Flexible Budget Sales Activity Variance 4,000U Actual Results 14,000 ? Master Budget $11,000F Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin $90,750 $96,000 ? $129,000 $5,250U ? ? $61,000 $6,000F $7,2000 $ 42,000 ? What was James's flexible budget contribution margin for July? Multiple Choice O $50,000 O $68,200 O $61.000 O $57,200
James Manufacturing has the following information available for July Flexible Budget Variance Flexible Budget Sales Activity Variance 3,0000 Master Budget $16,800F Actual Results Units 12,000 Sales revenue Less: Variable manufacturing costs $88,500 Variable marketing and administrative Contribution margin $52,000 $92,000 $ 5,5000 ? $6,200F $6,3000 $111,000 $ 33,000 ? What was James's flexible budget sales revenue for July? Multiple Choice $156.000 O O $195.000 O $172.800 o
James Manufacturing has the following Information available for July Flexible Budget Variance Flexible Budget Sales Activity Variance 2,0000 Actual Results 16,000 ? Master Budget $12,300F ? Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin $92,000 $ 101,000 ? $139,000 ? $66,000 $ 9,0000 ? $9,700F $7,700U $ 47,000 ? ? What was James's actual sales revenue for July? Multiple Choice 0 O $216.000 0 $204.300 0 $261.700 0 $192.000
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