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acc 241 exam 3 Study Questions and Answers | 100% Pass

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  • Accounting 241
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  • Accounting 241

acc 241 exam 3 Study Questions and Answers | 100% Pass Budgeting assists management in which of the following areas? Motivation All of the above Planning and setting objectives Performance measurement - ️️ Correct-All of the above Which of the following is an advantage of the budgeting p...

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  • September 25, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting 241
  • Accounting 241
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EmillyCharlotte
TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

acc 241 exam 3 Study Questions and
Answers | 100% Pass

Budgeting assists management in which of the following areas?

Motivation

All of the above

Planning and setting objectives

Performance measurement - ✔️✔️Correct-All of the above

Which of the following is an advantage of the budgeting process?

Budgeting provides a standard for performance evaluation.

Budgeting improves communication and coordination within the organization.

Budgeting provides resource information for decision making.

all of the above - ✔️✔️Correct-all of the above

When an organization involves its many employees in the budgeting process in a

meaningful way, the organization is said to be using:

participative budgeting.

budget padding.

budgetary slack.

top-down or imposed budgeting. - ✔️✔️Correct-participative budgeting.

Michael Company sells a product for $10. Budgeted sales for the first quarter of the

current year are as follows:
1/7

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Budgeted Sales

January$600,000 February800,000March900,000

The company wants to maintain an inventory of finished units equal to 30 percent of the

following month's sales, and 10,000 units are on hand at the beginning of the year.Each

unit requires two pounds of raw material costing $1 per pound. The company maintains

a raw materials inventory equal to 20 percent of the following month's production

needs.Budgeted production in units for February would be

83,000

107,000

80,000

131,000 - ✔️✔️Correct-83,000

SUPPORTING CALCULATIONS:

February sales ($800,000/$10)80,000Ending inventory, February [30% ´($900,000/$10)]

27,000Total needs107,000Less: Beginning inventory [30% ´($800,000/$10)]

24,000Budget production for February 83,000

Courtney Company has the following sales budget:

July

August

September

Budgeted Sales$105,000$211,000$134,000




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