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\nVisit Below Link, To Download This Course:\n\nhttps://www.tutorialsservice.net/product/acct-434-week-2-quiz-devry/\n\nOr \nEmail us on\nSUPPORT@TUTORIALSSERVICE.NET\n\n\nACCT 434 WEEK 2 QUIZ – DEVRY\n1. (TCO 2) Operating budgets and financial budgets (Points : 5)\n2. (TCO 2) A budget can help implement (Points : 5)\n3. (TCO 2) Financial budgets include the (Points : 5)\n4. (TCO 2) A feature of a standard-costing system is that the costs of every product or service planned to be worked on during the period can be computed at the start of that period. This feature of standard costing makes it possible to (Points : 5)\n5. (TCO 2) An unfavorable variance indicates that (Points : 5)\n6. (TCO 2) When standards are used to develop a budget, (Points : 5)\n

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acct 434 week 2 quiz devry

ACCT 434 WEEK 2 QUIZ – DEVRY

Visit Below Link, To Download This Course:

https://www.tutorialsservice.net/product/acct-434-week-2-quiz-devry/

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SUPPORT@TUTORIALSSERVICE.NET

ACCT 434 WEEK 2 QUIZ – DEVRY

1. (TCO 2) Operating budgets and financial budgets (Points : 5)

2. (TCO 2) A budget can help implement (Points : 5)

3. (TCO 2) Financial budgets include the (Points : 5)

4. (TCO 2) A feature of a standard-costing system is that the costs of every product or service planned to

be worked on during the period can be computed at the start of that period. This feature of standard

costing makes it possible to (Points : 5)

5. (TCO 2) An unfavorable variance indicates that (Points : 5)

6. (TCO 2) When standards are used to develop a budget, (Points : 5)

7. (TCO 2) Overhead costs have been increasing due to all of the following except (Points : 5)

8. (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units)

$560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000; Operating

income $150,000. Katie is developing the 20X2 budget. In 20X2, the company would like to increase

selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating

expenses are expected to remain constant. Assume that COGS is a variable cost and that operating

expenses are a fixed cost. What is budgeted cost of goods sold for 20X2? (Points : 5)

9.(TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and

ending inventory levels (in units) are planned for the fiscal year of July 1, 20×2, through June 30, 20×3.

July 1, 20×2 June 30, 20×3

raw material note 40 000 10 000

Raw material (note) 40,000 10,000

Work in process 8,000 8,000

Finished goods 30,000 5,000

(note) Three units of raw material are needed to produce each unit of finished product.

If Hester Company plans to sell 600,000 units during the 20×2-20×3 fiscal year, the number of units it

would have to manufacture during the year would be (Points : 5)

10. (TCO 2) Information pertaining to Brenton Corporation’s sales revenue is presented in the following

table.

February March April

Cash Sales $160,000 $150,000 $120,000

Credit Sales 300,000 400,000 280,000

Total Sales $460,000 $550,000 $400,000

Management estimates that 5% of credit sales are not collectible. Of the credit sales that are collectible,

60% are collected in the month of sale and the remainder in the month following the sale. Cost of

purchases of inventory each month are 70% of the next month’s projected total sales. 11 purchases of

inventory are on account; 25% are paid in the month of purchase, and the remainder is paid in the month

following the purchase.

Brenton’s budgeted total cash payments in March for inventory purchases are (Points : 5)

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