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Misc. Multiple Choice Accounting Questions




Question;Question 1.1. (TCO 7) The culmination of preparing operating budgets is the: (Points: 4)pro forma balance sheet.production forma income statement.Question 2.2. (TCO 7) The starting point in preparing a master budget is the preparation of the: (Points: 4)production budget.sales budget.purchasing budget.personnel budget.Question 3.3. (TCO 7) The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory? (Points: 4)4,0005,6006,4007,200Question 4.4. (TCO 7) If there were 20,000 pounds of raw materials on hand on January 1, 45,000 pounds are desired for inventory at January 31, and 295,000 pounds are required for January production, how many pounds of raw materials should be purchased in January? (Points: 4)295,000 pounds315,000 pounds320,000 pounds360,000 poundsQuestion 5.5. (TCO 7) ABC Company expects the following sales and collection pattern for the last four months of the year:MonthCash SalesCredit SalesTotal SalesSeptember$25,000$65,000$90,000October$28,000$72,000$100,000November$26,000$68,000$94,000December$30,000$71,000$101,000? 5% of credit sales are collected in the same month? 65% of sales are collected in the following month? 25% of sales are collected in the second following monthWhat are the projected cash collections for the month of December? (Points: 4)$65,750$92,200$95,750$99,000


Paper#39279 | Written in 18-Jul-2015

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