ACC 241: Exam 3 Study Guide with Complete Solutions
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Course
Accounting 241
Institution
Accounting 241
ACC 241: Exam 3 Study Guide with
Complete Solutions
Describe how and why managers use budgets - ️️ Correct-Helps managers determine
how to use resources and estimate future costs and revenues.
- Budgets are planning tools, helps quantify goals. Helps coordinate the activities of the
organi...
purchases, direct labor, and manufacturing overhead budgets. (i.e. flow of budgets) -
✔️✔️Correct-Sales Budget ---> Production Budget or Selling and Admin Budget --->
Ending Inventory Budget or DL, DM, or MOH Budgets ---> Cash Budgets ---> Budgeted
Income Statement or Budgeted Balance Sheet
Sales Budget:
Budgeted unit sales x Selling price per unit = Total Sales
Schedule of Expected Cash Collections:
x% collected in month of sale; x% collected in following
Production Budget:
Month following unit sales x x% = desired inventory
Following month unit sales x x% = end desired inv
DM Budget:
required production x Dm per unit = production needs
DL Budget:
same thing as DM
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