im_ch09 - CHAPTER 9 Budgetary Planning ASSIGNMENT...

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CHAPTER 9 Budgetary Planning ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Indicate the benefits of budgeting. 1, 2, 4 2. State the essentials of effective budgeting. 3, 5, 6, 7, 8 3. Identify the budgets that comprise the master budget. 9, 10, 11, 12, 13, 14, 15, 16 1, 2, 3, 4, 5, 6, 7 1, 2, 3, 4, 5, 6, 7, 8, 9 1A, 2A, 3A, 6A 1B, 2B, 3B 4. Describe the sources for preparing the budgeted income statement. 17, 18 8 9 1A, 2A, 3A, 6A 1B, 2B, 3B 5. Explain the principal sec- tions of a cash budget. 19, 20 9 10, 11, 12 4A, 6A 4B 6. Indicate the applicability of budgeting in nonmanu- facturing companies. 21, 22 10 11, 12, 13 5A 5B 9-1
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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare budgeted income statement and supporting budgets. Simple 30 - 40 2A Prepare sales, production, direct materials, direct labor, and income statement budgets. Simple 40 - 50 3A Prepare sales and production budgets and compute cost per unit under two plans. Moderate 30 - 40 4A Prepare cash budget for two months. Moderate 30 - 40 5A Prepare purchases and income statement budgets for a merchandiser. Simple 30 - 40 6A Prepare budgeted income statement and balance sheet. Complex 40 - 50 1B Prepare budgeted income statement and supporting budgets. Simple 30 - 40 2B Prepare sales, production, direct materials, direct labor, and income statement budgets. Simple 40 - 50 3B Prepare sales and production budgets and compute cost per unit under two plans. Moderate 30 - 40 4B Prepare cash budget for two months. Moderate 30 - 40 5B Prepare purchases and income statement budgets for a merchandiser. Simple 30 - 40 9-2
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BLOOM’S TAXONOMY TABLE 9-3
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STUDY OBJECTIVES 1. INDICATE THE BENEFITS OF BUDGETING. 2. STATE THE ESSENTIALS OF EFFECTIVE BUDGETING. 3. IDENTIFY THE BUDGETS THAT COMPRISE THE MASTER BUDGET. 4. DESCRIBE THE SOURCES FOR PREPARING THE BUDGETED INCOME STATEMENT. 5. EXPLAIN THE PRINCIPAL SECTIONS OF A CASH BUDGET. 6. INDICATE THE APPLICABILITY OF BUDGETING IN NONMANUFACTURING COMPANIES. 9-4
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CHAPTER REVIEW Budgeting Basics 1. (S.O. 1) A budget is a formal written statement of management's plans for a specified time period, expressed in financial terms. 2. The role of accounting during the budgeting process is to (a) provide historical data on revenues, costs, and expenses, (b) express management's plans in financial terms, and (c) prepare periodic budget reports. Benefits of Budgeting 3. The primary benefits of budgeting are as follows: a. It requires all levels of management to plan ahead. b. It provides definite objectives for evaluating performance. c. It creates an early warning system for potential problems. d.
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This note was uploaded on 05/08/2008 for the course ACC 210 taught by Professor John during the Spring '08 term at South Central College: Faribault Campus.

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im_ch09 - CHAPTER 9 Budgetary Planning ASSIGNMENT...

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