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The master budget includes 3 components—the operating budget, the capital expenditures bud

The master budget includes 3 components—the operating budget, the capital expenditures budget and

the financial budget.

 

 

3The production budget must be prepared before any other component of the operating budget.

 

 

4The capital expenditure budget stands alone and is not part of either the operating budget or the

financial budget.

 

 

5Which of the following budgets focuses on the income statement and its supporting schedules?

A) Operating budget

B) Cash budget

C) Capital expenditures budget

D) Sales budget

 

 

A) cash budget.

B) budgeted statement of cash flows.

C) sales budget.

D) budgeted income statement.

 

 

7In preparing an operating budget, the sales budget is prepared first.  Which of the following is prepared                                                                       next?

A)  Capital expenditures

B)  Budgeted income statement

C)  Operating expenses

D)  Inventory, purchases and cost of goods sold

 

 

8In preparing an operating budget, the sales budget is prepared first.  Which of the following is the last                                                                                     component of the operating budget?

A)  Capital expenditures

B)  Budgeted income statement

C)  Operating expenses

D)  Inventory, purchases and cost of goods sold

 

 

9In order to prepare a budgeted income statement, several other budgets need to be prepared first.  Which                                                                       of the following is NOT one of the budgets needed to prepare the budgeted income statement?

A)  Capital expenditures

B)  Sales

C)  Operating expenses

D)  Inventory, purchases and cost of goods sold

 

 

10The financial budget includes all of the following EXCEPT the:

A)  budgeted balance sheet.

B)  budgeted income statement.

C)  cash budget.

D)  budgeted statement of cash flows.

 

 

 

11Which of the following statements is TRUE about the operating budget?

A)It is a part of the financial budget.

B)It includes the capital expenditures budget.

C)It includes the operating expenses budget.

D)Its final component is the cash budget.

 

 

12Which of the following statements is TRUE about the capital expenditures budget?

A)It is a part of the financial budget.

B)It must be completed before the budgeted income statement is prepared.

C)It includes the sales budget.

D)It must be completed before the cash budget can be prepared.

 

 

13Which of the following statements is TRUE about the financial budget?

A)It includes the capital expenditures budget.

B)It must be completed before the budgeted income statement is prepared.

C)It includes the sales budget.

D)It includes the cash budget and the budgeted balance sheet.

Dec 19 2019 View more View Less

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