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1. Which of the given represents normal sequence in which below budgets are prepared.

 

a. Sales, Balance Sheet, Income Statement

 

b. Balance Sheet, Sales, Income Statement

 

c. Sales, Income Statement, Balance Sheet

 

d. Income Statement, Sales, Balance Sheet

 

2. In creating a master budget, top management is normally best able to:

 

a. Prepare detailed departmental-level budget figures.

 

b. Give a perspective on the company as a whole.

 

c. Point out the particular persons who are to blame for inability to meet budget goals.

 

d. Responses a, b, and c are all correct.

 

3. When creating a production budget, the required production equals:

 

a. Budgeted sales + beginning inventory + desired ending inventory

 

b. Budgeted sales - beginning inventory + desired ending inventory

 

c. Budgeted sales - beginning inventory - desired ending inventory

 

d. Budgeted sales + beginning inventory - desired ending inventory.

 

4. If cost is a common cost of segments on segmented income statement, the cost must:

 

a. Be allocated to the segment on the basis of segment sales.

 

b. Not be allocated to the segments.

 

c. Excluded from the income statement.

 

d. Treated as a product cost rather than as a period cost.

 

5. Some investment opportunities which must be accepted from viewpoint of whole company may be rejected by a manger who estimated on the basis of:

 

a. return on investment

 

b. residual income

 

c. contribution margin

 

d. segment margin

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921658

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