Chapter Ten Assignment;Part One (minus one point per wrong answer for this part);Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.;1. Budgeted income statement;2. Budgets;3. Budget variances;4. Capital acquisitions budget;5. Flexible budget;6. Budget slack;7. Master budget;8. Sales budget;9. Static budget;10. Income shifting;11. Management by exception;12. Zero-based budgeting;A. Differences between actual and budgeted amounts;B. A comprehensive planning document that incorporates a number of individual budgets;C. Approach in which managers only investigate exceptional variances;D. Set of budget relationships that can be adjusted to various activity levels;E. Setting budget targets that are easy to achieve;F. Moving income from one period to another to achieve budget targets;G. Method of budget preparation that requires each amount to be justified, even if it was supported in previous periods;H. Budget showing plans to purchase property, plant, and equipment;I. Formal documents that quantify a company?s plans for achieving its goals;J. A budget that is only valid for a single level of activity;K. Summarizes sales, cost of goods sold, and other expenses to project net income;L. First budget that is prepared since other budgets depend upon it;Part Two (minus ten points for incorrect answer);Martinez Corporation's sales of gizmos are 25% for cash and 75% on credit. Past collection history indicates that credit sales are collected as follows;Month of Sale Month After Sale Second Month After Sale Uncollectible;30% 50% 15% 5%;In January, sales were $80,000 and February sales were $70,000. Projected sales for March are 3,000 gizmos at $13 each. Projected sales for April are 4,000 gizmos at $14 each. Calculate the budgeted cash collections for April.
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