ACC 312 QUIZ #4 NAME VERSION A Section (circle): 11:00 12:30 2:00 1. Budgeting always begins with which of the following budgets? a. Budgeted Balance Sheet b. Budgeted Income Statement c. Budgeted Statement of Cash Flows d. Sales Budget e. Production Budget 2. Which one of the following is an example of budgetary slack? a. Unrealistically low expense prediction for budgeting purposes. b. Unrealistically low sales prediction for budgeting purposes. c. Inappropriately low employee participation in the budget process. d. Difference between the activity-based budget and the standard budget. e. Position of the jaw after too many hours of preparing budget spreadsheets. 3. Consider the following time periods: Quarters 1 2 3 4 Sales, in units 12,000 13,000 15,000 10,000 The time periods (quarterly) are for the third year of operations. The desired ending inventory is 10% of the budgeted sales units of the next quarter. How many units will be produced in the first quarter, assuming the beginning inventory of the first quarter is based
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This note was uploaded on 09/26/2011 for the course ACC 312 taught by Professor Welsh during the Spring '08 term at University of Texas.