Elements of the master budget Describe briefly the purpose of a master budget and discuss its elements
What will be an ideal response?
A master budget is a group of related budgets and forecasts which, together, summarize and coordinate all planned activities of a business. The master budget usually consists of a sales forecast, a production schedule, a manufacturing costs budget, an operating expense budget, a capital expenditures budget, and projected financial statements. The number and type of individual budgets and schedules which make up the master budget depend upon the size and the characteristics of the business.
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A company purchased inventory for $4,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record payment of invoice within 3 days by the purchaser would include ________
(Assume a perpetual inventory system.) A) a debit to Accounts Payable for $3,880 and a credit to Cash for $3,880 B) a debit to Accounts Payable for $4,000, a debit to Merchandise Inventory for $100, and a credit to Cash for $3,880 C) a debit to Accounts Payable for $4,000, a credit to Merchandise Inventory for $120, and a credit to Cash for $3,880 D) a debit to Accounts Payable for $3,880, a debit to Merchandise Inventory for $120, and a credit to Cash for $4,000
The primary disadvantage of product placements within online video games is it will become static and the players will no longer notice it. To combat this problem, a company called Massive developed technology:
A) that allows players to choose the ad they want to see B) that allows players to interact with the ad during the game C) that allows players to use sponsored downloads, such as a particular brand of car in a racing game D) to change ads in the online game in real time as individuals play or each time they play