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Multiple Choice Questions
1. Because people prepare budgets, budget figures are often biased. Which is true?
Chapter 06 Budgeting
A. Sales quantity forecasts tend to be exaggerated to make the sales team look good
B. Production cost estimates tend to be overstated to create wriggle room (budgetary slack)
C. Efficient organizations begin their budget process with last year's budget, and adjust the figures by a certain percentage
D. When senior management sets budget numbers, a more realistic budget can be developed
E. None of the above
2. Below are various statements about different budgeting techniques. Which is false?
A. Budget ratcheting tightens targets when performance fails to meet the target by a predetermined percentage
B. Budget lapsing prevents managers from hoarding funds
C. Master(static) budgets are prepared for a single level of activity
D. Budget lapsing encourages managers to spend money regardless of cost or value
E. None of the above
3. Below are some budgeting techniques which are used rarely (or more often) by government agencies and corporations. Which is true?
Private sector Public sector
a. Encumbrance accounting Often Rarely
b. Flexible budgeting Rarely Often
c. Budget lapsing Often Rarely
d. Zero-based budgeting Rarely Often
e. None of the above
A. Option A
B. Option B
C. Option C
D. Option D
E. Option E
4. Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month’s sales.
Each bear needs .8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 per pound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month.
Eighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month’s stuffing and fabric needs respectively are planned for raw materials ending inventory each month.
How many bears must be produced in February?
A. 600
B. 540
C. 624
D. 744
E. None of the above
5. Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month’s sales.
Each bear needs .8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 per pound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month.
Eighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month’s stuffing and fabric needs respectively are planned for raw materials ending inventory each month.
What quantities of fabric and/or stuffing must be purchased in March?
A. 1248 pounds of stuffing
B. 747.6 yards of fabric
C. 1630.8 pounds of stuffing
D. 600.4 yards of fabric
E. None of the above
6. Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month’s sales.
Each bear needs .8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 per pound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month.
Eighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month’s stuffing and fabric needs respectively are planned for raw materials ending inventory each month.
What is the purchases budget for February?
A. $12,905.60
B. $21,142.40
C. $11,571.20
D. $12,480.00
E. None of the above
