Costing - Study Mode
[#1106] Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as
Correct Answer
(B) responsibility accounting
Explanation
Solution: Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as responsibility accounting. Responsibility Accounting is a system of control where responsibility is assigned for the control of costs. The persons are made responsible for the control of costs.
[#1107] Cash receipts is added in to beginning cash balance to calculate
Correct Answer
(B) total cash available
Explanation
Solution: Cash receipts is added in to beginning cash balance to calculate total cash available. A cash receipt is a printed statement of the amount of cash received in a cash sale transaction.
[#1108] If budget sales units are 2000, an ending inventory is 3000 units and beginning inventory is 1000, then budget production would be
Correct Answer
(B) 4000 units
Explanation
Solution: Budget production = Budget sales + Ending inventory - Beginning inventory = 2000 + 3000 - 1000 = 4000 units.
[#1109] Direct labour and salary outlays direct material purchases, which are classified as
Correct Answer
(B) cash disbursements
Explanation
Solution: Direct labour and salary outlays direct material purchases, which are classified as cash disbursements. Cash disbursements, also called cash payments, in accounting refer to payments made by a company during a specified period, such as quarter or year.
[#1110] Master budget includes all projections of company's budget and focuses on
Correct Answer
(D) both B and C
Explanation
Solution: Master budget includes all projections of company's budget and focuses on marketing plan and financial plan.