The writer is very fast, professional and responded to the review request fast also. Thank you.
I did my best on these and indicated my thoughts on some, others I have no idea! Could you please verify my thought process wither my answer is correct or not and what the correct answer may be if mine is wrong and why as well as guide me through those I had no idea on?
What is the sequence of steps in preparing the master budget? I think it is B is that correct?
a) Output from the financial budget is used to prepare the budgeted income statement?b) Output from the operating budget is used to prepare the financial budget?c) Output from the financial budget is used to prepare the operating expense budget?d) Output from the financial budget is used to prepare the operating budget?
Jensen Company is preparing a cash budget for the month of June. The minimum cash balance desired is $10,000 – what is the net cash receipts and disbursements for the month of June given the following? I think it is $12,000 – is that correct?
Cash Balance = $10,000 (May 31)Cash Collections from Customers in June = $76,000
Cash paid for merchandise in June = $42,000
Paid operating expenses in June = $17,000Purchase Furniture for cash in June = $5,000
Depreciation expenses in June = $2,000
Amortization expenses in June = $3,000
Which is NOT a reason for a static budget variance? I think it is C – is that correct
a) Actual variance costs were higher than static budget variance cost
b) Actual sales volume was higher than projected sales volume
c) Actual fixed costs where higher than static budget fixed costs
d) Actual sales volume is current period was higher than projected sales volume in last period
In which of the following scenarios can Eastman Company NOT have a favorable flexible budget variance for direct materials? When direct material price variance is __________ and when direct material quantity variance is ________. Is A correct?
a) unfavorable, unfavorable
b) unfavorable, favorable
c) favorable, favorable
d) favorable, unfavorable
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