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Accounting 101 PART 7 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING COMPLETION STATEMENTS 128. A major aspect of budgeting control is the use of budget reports that compare _____________________ with _______________________. 129. In analyzing differences from planned objectives, management may take ___________________, or it could decide to modify ___________________. 130. The master budget is a __________________ budget which is base ...

Other / Other 17 Oct 2016

Accounting 101 PART 4 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING 71. The linens department of a large department store is a. not a responsibility center. b. a profit center. c. a cost center. d. an investment center. 72. The foreign subsidiary of a large corporation is a. not a responsibility center. b. a profit center. c. a cost center. d. an investment center. 73. The maintenance department of a manufact ...

Other / Other 17 Oct 2016

Accounting 101 PART 3 Budgetary CONTROL AND RESPONSIBILITY ACCOUNTING 51. A flexible budget can be prepared for which of the following budgets comprising the master budget? a. Sales b. Overhead c. Direct materials d. All of these 52. Another name for the static budget is a. master budget. b. overhead budget. c. permanent budget. d. flexible budget. 53. If a company plans to sell 16,000 units of product but sell ...

Other / Other 17 Oct 2016

Accounting 101 PART 6 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING Exercises Ex. 111 Golden Company's master budget reflects budgeted sales information for the month of June, 2002, as follows: Budgeted Quantity Budgeted Unit Sales Price Product A 15,000 $7 Product B 18,000 $9 During June, the company actually sold 13,900 units of Product A at an average unit price of $7.30 and 18,800 units of Product B at an average unit pric ...

Other / Other 17 Oct 2016

Accounting 101 PART 5 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING 91. A profit center is a. a responsibility center that always reports a profit. b. a responsibility center that incurs costs and generates revenues. c. evaluated by the rate of return earned on the investment allocated to the center. d. referred to as a loss center when operations do not meet the company's objectives. 92. Each of the following are controllab ...

Other / Other 17 Oct 2016

Accounting 101 PART 2 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING MULTIPLE CHOICE QUESTIONS 31. A major element in budgetary control is a. the preparation of long-term plans. b. the comparison of actual results with planned objectives. c. the valuation of inventories. d. approval of the budget by the stockholders. 32. Budget reports should be prepared a. daily. b. monthly. c. weekly. d. as frequently as ne ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 13 MATCHING 223. Match the items below by entering the appropriate code letter in the space provided. A. Prenumbered documents G. Bank signature card B. Custody of an asset should be kept H. Payee separate from the record-keeping I. Maker for that asset J. Canceled checks C. Cash registers, garment sensors K. NSF checks and burglar alarms are examples L. Outstanding checks D. Bo ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 12 COMPLETION STATEMENTS 206. Internal control consists of the related methods and measures adopted to ____________ its assets and enhance the ______________ and ______________ of its accounting records. 207. The three main factors that contribute to fraudulent activity are depicted by the _______________. 208. The principle of internal control that prevents one individual from being res ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 9 141. If a check correctly written and paid by the bank for $584 is incorrectly recorded on the company’s books for $548, the appropriate treatment on the bank reconciliation would be to a. deduct $36 from the book’s balance. b. add $36 to the book’s balance. c. deduct $36 from the bank’s balance. d. deduct $584 from the book’s balance. 142. In the month of ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 10 BRIEF EXERCISES BE 168 Match the principle of internal control to each of the following cases. a) Establishment of responsibility b) Segregation of duties c) Accountability for assets d) Documentation procedures e) Physical controls 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. S ...

Other / Other 17 Oct 2016