Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget Is prepared after the Sales Budget. J ○ The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. О The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs О The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead.

Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget Is prepared after the Sales Budget. J ○ The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. О The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs О The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 18MC: What is the main difference between static and flexible budgets? The fixed manufacturing overhead is...

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The underlying details for the standard cost per unit are provided in a. the standard work-in-process account. b. the standard production budget. c. the standard cost sheet. d. the balance sheet. e. None of these.
Select the one budget below that is not an operating budget. a. Cost of goods sold budget b. Cash budget c. Production budget d. Overhead budget e. All of these.
The budget that adjusts unit sales for beginning and ending inventories of finished goods is the: a. production budget b. purchases budget c. ending inventory of finished goods budget d. cost of goods sold budget
Which of the following statements is not correct? A. The sales budget is computed by multiplying estimated sales by the sales price. B. The production budget begins with the sales estimated for each period. C. The direct materials budget begins with the sales estimated for each period. D. The sales budget is typically the first budget prepared.
What is the main difference between static and flexible budgets? The fixed manufacturing overhead is adjusted for units sold in the flexible budget. The variable manufacturing overhead is adjusted in the static budget. There is no difference between the budgets. The variable costs are adjusted in a flexible budget.
Which of the following is not an operating budget? A. sales budget B. production budget C. direct labor budget D. cash budget
A flexible budget______. A. predicts estimated revenues and costs at varying levels of production B. gives actual figures for selling price C. gives actual figures for variable and fixed overhead D. is not used in overhead variance calculations
To prepare the direct labor budget, the first point to consider is: O a. labor cost per unit. O b. None of the given answers. Oc. budgeted cost of direct materials. O d. budgeted units to produce. O e. budgeted units to sell.
The direct labor budget shows the direct labor-hours required to satisfy the production budget. True or False In the manufacturing overhead budget, the non-cash charges (such as depreciation) are deducted from the total budgeted manufacturing overhead to determine the expected cash disbursements for manufacturing overhead. True or False The manufacturing overhead budget lists all costs of production other than direct materials and direct labor. True or False the selling and administrative expense budget lists all costs of production other than direct materials and direct labor. True or False The budgeted variable selling, and administrative expense is calculated by multiplying the budgeted unit sales by the variable selling and administrative expense per unit. True or False Waste on the production line will result in an unfavorable materials price variance. True or False Material price variances are often isolated at the time…
To prepare manufacturing overhead budget , the first point to consider among the following is: a. budgeted units to produce . b . None of the given answers . c. the fixed manufacturing overhead cost in total . d. the direct materials per unit . e. the variable manufacturing overhead cost in total
:To prepare manufacturing overhead budget, the first point to consider among the following is .a O .the variable manufacturing overhead cost per unit .budgeted units to produce b C .the direct materials per unit .c O None of the given answers .d O .the fixed manufacturing overhead cost in total .e O
Which of the following statements is true? I. The direct labor budget begins with the required production in units from the production budget. II. The direct labor budget shows the direct labor-hours required to satisfy the production budget. Multiple Choice O Both statements are true. Neither statement is true. Only statement II is true. Only statement I is true.