1. The retained earnings on a budgeted balance sheet can be calculated as: A. As

Question

1. The retained earnings on a budgeted balance sheet can be calculated as: A. Assets minus Liabilities B. Revenue minus variable cost minus fixed costs minus dividends. C. Retained Earnings from the previous year plus net income minus dividends. D. Beginning balance plus Net Income plus depreciation minus dividends. 2. The budgeted Income Statement has the budgeted CoGS which is calculated as: A. Cost per unit times units produced. B. Cost per unit times the selling price. nceexpense per unit times units sold. D. Cost per unit times units sold 3. Which of the following comparisons best isolates the impact that changes in prices of inputs and outputs have on performance? (Which gives the best information for how well you controlled spending?) A. static planning budget and flexible budget B. static planning budget and actual results C. flexible budget and actual results D. master budget and static planning budget

Explanation / Answer

Ans :

1 - option C retained earnings from previous year plus net income minus dividends.

2 - Option D cost per unit times unit sold

3 - Option C Flexible budget and actual results

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