1.Brohan Corporation has the following purchases budget for the last half of 2002: July $100,000 October $ 90,000 August 80,000 November 100,000 September 110,000 December 94,000 Historically, the company pays one half at the time of purchase and the remainder in the month following purchase. What are the expected cash disbursements in August?

2. The Unique Bookshelf Company is considering the purchase of a custom delivery van costing approximately $50,000. Using a discount rate of 20%, the present value of future cost savings is estimated at $51,200. To yield the 20% return, the actual cost of the van should not exceed the $50,000 estimate by more than:

3. What do you believe is the most important aspect of managerial accounting?

4. A firm using LIFO accounting for inventory is likely to have a lower inventory turnover ratio than one using FIFO. Is this correct?

5. Explain the significance of inventory turnover. How is it calculated?

6. What is the significance of inventory turnover, and how is it calculated?

7. What does the gross profit percentage measure, and how is it calculated?

8. What is the difference between postulates and basic principle of accounting?

9. What is the aim of financial accounting?

10. How does predictive planting support decision making from a managerial standpoint?