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Course 171011- Modern Budgeting for Profit Planning & Control
  Final Exam
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171011v - Modern Budgeting for Profit Planning & Control

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15 CPE Credit Hours

Final Exam
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Read 'Chapter 1: The What And Why Of Budgeting' & answer the following question(s):
1. Types of budgets may not include:  
2. A budget is a financial plan to control future operations and express as dollars, units, hours, or manpower.
Read 'Chapter 2: Strategic Planning And Budgeting' & answer the following question(s):
3.  Long-term plans should not consider one of the following:
4. Budget accuracy ratios include:  
5. Employee performance may be measured by:  
6. Planning is based on long-term resources allotment and should never be linked to short-term and intermediate goals. T F
Read 'Chapter 3: Profit Planning: Targeting And Reaching Achievable Goals' & answer the following question(s):
7. A profit plan may be stated in terms of:
8.  Profit plans should always be short-term and for less then a year such as quarterly or semi-annual. T F
Read 'Chapter 4: Administering The Budget: Reports, Analyses, And Evaluations' & answer the following question(s):
9. The budget reports are not used for:  
10. The budget sheet should not include:  
11. The three major types of budget reports are for: planning control, and information. T F
Read 'Chapter 5: Cost Behavior: Emphasis On Flexible Budgeting And Contribution Margin' & answer the following question(s):
12. An understanding of cost behavior is helpful to managers for:  
13. Mixed factory overhead (mixed costs) do not include:  
14. The high-low method uses two extreme data points to determine the values of ; a (fixed cost portion) and b (variable rate) in the equation: 
15. The Kramer Company developed a cost function for manufacturing overhead costs of Y = $14,000 + $5x. Estimated manufacturing overhead costs at 20,000 units of production would be
16. The letter y in the standard regression equation of y = a + bx is best described as the:
17. In the standard regression equation of y = a + bx, the letter b is best described as the:
18. The letter a in the standard regression equation of y = a + bx is best described as the:
19. Mount Company incurred a total cost of $8,600 to produce 400 units of pulp Each unit of pulp required 5 direct labor hours to complete. What is the total fixed costs if the variable cost was $1.50 per direct labor-hour?
Read 'Chapter 6: Responsibility Accounting And Reporting To Management' & answer the following question(s):
20. The cost systems of most companies fail when it comes to:
21. Costs control themselves when left unchecked. T F
Read 'Chapter 7: Master Budget: Genesis Of Forecasting And Profit Planning' & answer the following question(s):
22. Typical master budgets include all except:
23. Selling and administrative expenses don not include:
24. Which one of the following statements is not true?
25. A pro forma financial statement:
26. The starting point in preparing a comprehensive budget for a manufacturing company limited by its ability to produce and not by its ability to sell is a(n):
27. Jiggy company plans to sell 33,000 units during the month of May. The company plans to have 2,500 units on hand at the end of the month. If 1,200 units are on hand on May 1, how many units must be produced during May?
28. A budget is a projected or planned income statement. T F
Read 'Chapter 8: Using Variance Analysis To Evaluate Performance' & answer the following question(s):
29. Variance analysis is a tool used to:
30.  Reasons for unfavorable materials variances do not include:
31. Price variances focus on the difference between
32. Variance analysis can spotlight positive performance and can be used to reward superior performance by employees. T F
Read 'Chapter 9: Budgeting Sales And Sales Forecasts' & answer the following question(s):
33. The starting point of the master budget is always the:
34. The personnel department requires a number of forecasts in planning for human resource which may include trends in:
35. Sales forecasts are crude estimates and should never be used for budgets, profit planning, or capital expenditure analysis. T F
Read 'Chapter 10: Budgeting Manufacturing Costs' & answer the following question(s):
36. Manufacturing costs are associated with:
37. A static budget is geared toward:
38. Basic steps in preparing a flexible budget do not include:
Read 'Chapter 11: Budgeting For Sales, Advertisinbg, And Distribution Expenses' & answer the following question(s):
39. Advertising and promotion expense budgets can include:
40. Measures of advertising do not include:
41. A budget for automobile expenses may be based on
42. An advertising budget may be developed based on
43. The marketing budget should never depend on the type of product, service, competition or market share but on what the market will bear. T F
Read 'Chapter 12: Budgeting General And Administrative Expenses' & answer the following question(s):
44. In budgeting salaries there should be included a provision for salary increases, sick leave time, vacations, holidays and fringe benefits. T F
45. Depreciation on the office equipment would appear in which of the following budgets?
Read 'Chapter 13: Budgeting Research And Development' & answer the following question(s):
46. The direct and indirect costs associated with R & D do not include:
47. The R & D budget may be based on all except:
48. The manager should not keep track of the following with respect to R & D:
49. Research and development (R & D) should never be justified on the return obtained or incurred and risks assumed but on the possible potential. T F
Read 'Chapter 14: Cash Flow Forecasting And Cash Budgeting' & answer the following question(s):
50. A forecast of cash collections and potential write-offs of accounts receivable is essential in:
51. Nonoperating components of a cash budget do not include:
52. Which of the following appears in the cash budget?
Read 'Chapter 15: Use Of A Spreadsheet Program And Software For Budgeting' & answer the following question(s):
53. Budgeting packages include:
54. The latest generation of budgeting and planning (b&p) software, often known as active financial planning software, are characterized by:
55. Which of the following represents the best reason for “what-if” (sensitivity) analysis when preparing master budgets?
Read 'Chapter 16: Budgeting Capital Expenditures' & answer the following question(s):
56. Factors to consider in determining capital expenditure do not include:
57. Capital expenditure policy should not take into account:
58. Capital expenditures do not include replacing machinery to economize on costs. T F
Read 'Chapter 17: Zero-Base Budgeting: Priority Budgeting For Best Resource Allocation' & answer the following question(s):
59. Zero-base budgeting (ZBB) system includes all except:
60. A decision package will not contain:
61. Program budgeting includes:
62. Zero Based budgeting requires managers to:
63. Zero base budgeting (ZBB) is a priority form of budgeting ranking activities such as products and services. T F
64. An objective of zero-based budgeting is to base the current year's budget on the expenditures of the previous year
65. The major feature of zero-based budgeting (ZBB) is that it questions each activity and determines whether it should be maintained as it is, reduced, or eliminated. T/F
Read 'Chapter 18: Budgeting For Service Organizations' & answer the following question(s):
66. Which one of the following statements is not true?
67. Service industries can include all except:
68. Which of the following budgets are identical in a service firm?
69. Planning and control are critical functions in all business, whether they produce and sell goods or provide services. T F
Read 'Chapter 19: Budgeting For Nonprofit Organizations' & answer the following question(s):
70. Government funds do not include:
71. Interfund transactions that are not loans or advances, reimbursements, or quasi-external transactions are classified as:
72. Which of the following organizations would be most likely to use budgets to authorize expenditure of funds?
73. Nonprofit organizations include voluntary support organizations, governments and state schools, and community-based organizations. T F
74. Gold County received goods that had been approved for purchase but for which payment had not yet been made. Should the accounts listed below be decreased?
75. The estimated revenues control account of a governmental unit is credited when
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