The cost of goods sold are a part of the manufacturing cost budget. T/F

Direct labor costs are not a part of the sales and administrative budget. T/F

A budgeted income statement cannot be prepared without a sales budget. T/F

The budgeted balance sheet is done

Select one:

a. Prior to the cash receipts budget

b. After the cash receipts budget

c. Prior to the income statement

d. None of the above

The cost of goods sold budget requires assumptions regarding the levels of

Select one:

a. Work in process inventory

b. Finished goods inventory

c. Both A and B

d. Neither A nor B

Sales and administrative costs are period costs. T/F

The cash disbursements budget is done

Select one:

a. Prior to the cash receipts budget

b. Prior to the budgeted income statement

c. After the cash receipts budget

d. None of the above

In projecting cash receipts, a critical element needed is

Select one:

a. Sales

b. Accounts receivable

c. Both A and B

d. Neither A nor B

Which of the following provides the flex in a flexible budget?

Select one:

a. Units produced

b. Salary of CEO

c. Salary of controller

d. Salary of corporate lawyer

The capital expenditures budget is a part of the

Select one:

a. Direct materials budget

b. Direct labor budget

c. Cost of goods sold budget

d. None of the above