Financial & Managerial Accounting for MBAs 2nd

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Cambridge Business Publishers, ©2010 Quiz Solutions 21-1 l Accounting for MBAs, 2 nd Edition Module 21 – Financial and Managerial Accounting for MBAs, 2 nd Edition by Solutions to Practice Quiz LO: 1,2 1. Answer: b. Under management by exception, management directs attention only to those activities not proceeding according to plan. LO: 1,2 2. Answer: a. The formal approach is not included in the list of general approaches to budgeting. All of the listed items are formal budgeting procedures. LO: 3 3. Answer: b. Requirements for January ($50,000 x 0.40) $20,000 Desired January 31 inventory ($60,000 x 0.25 x 0.40) 6,000 Total requirements $26,000 Less beginning inventory (5,000) January purchases budget $21,000 LO: 3 4. Answer: c. Collections from March sales ($290,000 x 0.50) $145,000 Collections from February sales ($300,000 x 0.30) 90,000 Collections from January sales ($250,000 x 0.20) 50,000 March cash receipts
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Module21Quiz - Module 21 Financial and Managerial...

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