Question 1 (1.2 points) For each statement indicate if it true or false. If it i
ID: 2509664 • Letter: Q
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Question 1 (1.2 points) For each statement indicate if it true or false. If it is true, place a check in the box next to the statement. A financial planning and analysis (FP&A;) system helps managers assess the company's future and know if they are reaching their performance goals. A budget is a detailed plan, expressed in quantitative terms, that specifies how resources will be acquired and used during a specified period of time. A budget forces managers to plan ahead A budget helps facilitate communication and coordination in an organization A budget helps allocate limited resources. A budget is an useful benchmark to which actual results can be compared. Budgets can be used to evaluate performance and provide incentives. The first budget that is prepared is the cash budget.Explanation / Answer
Q1. Answer the following are true: 1. A financial planning and anlysis helps managers across the companys future and know if they are reaching their performance goals. 2. A budget is a detailed plan expressed in quantitative terms, that spceifies how resources will be acquired and used during the specified period of time. 3. A budget forces manager to plan ahead 4. A budget facilitate cmmunication and cordination in organisation. 5. Budget helps allocate limited resources. 6. A budget is an useful benchmark to which actual results can be compared. 7. A budget can be used to evealuate perrformance and provide incentives. Q2. SALES BUDGET Q-1 Q-2 Q-3 Q-4 Year Budgeted Sales units 3,000 4,000 3,600 5,600 16,200 Selling price per unit 10 10 10 10 10 Total Sales 30,000 40,000 36,000 56,000 162,000 Budgeted Sales revenue is $162,000 Q3. RAW MATERIAL PURCHASE BUDGET Q-1 Q-2 Q-3 Q-4 Budgeted Sales units 3,000 4,000 3,600 5,600 Add: Desired Ending Inventory 1,000 900 1,400 Total needs 4,000 4,900 5,000 Less: Beginning Inventory 500 1,000 900 Purchase Units 3,500 3,900 4,100 Budgeted Purchase units of Q-1 is 3500 units
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