Accounting 21 and 22 – Flashcards
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the first budget customarily prepared as part of an entity's master budget is the
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sales budget
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provides the starting point for the preparation of the direct labor cost budget
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production budget
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The master budget consists of a series of operating budget which ends with
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the budgeted income statement
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budgets may be described as
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A quantitative expression of a plan of action
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standards that represent levels of operation that can be attained with reasonable effort
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normal standards
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A favorable cost variance occurs when
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standard costs are more than actual costs
