Budgeting Paper 8

1

Which one of the following schedules would be the last item to be prepared in the normal budget preparation process?






2

After the goals of the company have been established and communicated, the next step in the planning process is development of the






3

The production budget process usually begins with the






4

Individual budget schedules are prepared to develop an annual comprehensive or master budget. The budget schedule that would provide the necessary input data for the direct labor budget would be the






5

Which one of the following items should be done first when developing a comprehensive budget for a manufacturing company?






6

There are various budgets within the master budget cycle. One of these budgets is the production budget. Which one of the following best describes the production budget?






7

The budget that is usually the most difficult to forecast is the






8

When sales volume is seasonal in nature, certain items in the budget must be coordinated. The three most significant items to coordinate in budgeting seasonal sales volume are






9

Maximilian Computer Company uses a comprehensive budgeting system in planning its annual operations. Which of the following best describes the information needed to determine the budgeted cost of circuit boards to be purchased for use in building its laptop computer? Assume one circuit board is used in each laptop.






10

Which one of the combinations listed correctly depicts the chronological order of preparation for the following budgets?
I. Cost of goods sold budget
II. Production budget
III. Purchases budget
IV. Administrative budget






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