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CHAPTER 22 MANAGERIAL ACCOUNTING QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 $14.49   Add to cart

Exam (elaborations)

CHAPTER 22 MANAGERIAL ACCOUNTING QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

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  • Course
  • WGU D104
  • Institution
  • WGU D104

CHAPTER 22 MANAGERIAL ACCOUNTING QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

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  • August 20, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WGU D104
  • WGU D104
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CHAPTER 22 MANAGERIAL
ACCOUNTING QUESTIONS AND
ANSWERS WITH SOLUTIONS 2024
Budget objectives - ANSWER 1: develop strategies 2: act 3: compare strat to actual result

Budget benefits - ANSWER Require managers to plan ahead and promote coordination/communication
in group environment as well as benchmark to evaluate performance

Strategic budget - ANSWER Long term financial plan 3-10 yrs

Operational budget - ANSWER Short term financial plan 1 week- 1 yr

Static budget - ANSWER Budget prepared for 1 volume of sales

Flexible budget - ANSWER Budget prepared for multiple volumes of sales

Master budget - ANSWER Budgeted financial statements for entire organization (operational and static)
(includes operating, capital expenditures, and financial budgets)

Operating budget - ANSWER Budget that forecasts sales rev., cost of goods sold, selling and admin
expenses, all of which feed into CASH BUDGET and BUDGETED FINANCIAL STATEMENTS

Capital expenditures budget - ANSWER Company's plan for purchasing property, plant and equipment as
well as other long-term assets

Financial budget - ANSWER Cash budget and budget and financial statements

Cash budget - ANSWER Details how business will go from beginning cash balance to desired ending cash
balance (feeds into financial budget).

Sales budget - ANSWER Forecast of sales revenue is the cornerstone of master budget

Production budget - ANSWER Determines the number of products to be produced during the year and is
the basis for the production cost budget: direct materials budget, direct labor budget, manufacturing
overhead budget and the cost of good sold budget

Budgeted tablets to be produced calculation: - ANSWER (Budgeted products sold) + (desired product in
ending inventory) = Total product needed in ending inventory
Total product needed in ending inventory - product in beginning inventory= Budgeted product to be
produced

Direct materials budget - ANSWER -Part of product cost for product
-amount of materials in Raw Materials inventory account is assumed to be only direct materials since
indirect materials are insignificant.

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