At June 30, Polk had cash of $6,600, accounts receivable of $524,000, inventories of $371,280, and accounts payable of $159,666. Gleim CMA Test Prep: Part 1: Financial Planning, Performance, and Control (266 questions) Polk Retailers is developing cash and other budget information for July, August, and September. Incremental budgeting.Ĭopyright 2008 Gleim Publications, Inc. Gleim #: 2.1.36 - Source: CMA 0408 2-028 A budgeting approach that requires a manager to justify the entire budget for each budget period is known as Developing budgeted costs from clear-cut measured relationships between inputs and outputs. Budgeting from the ground up as though the budget process were being initiated for the first time. Budgeting for cash inflows and outflows to time investments and borrowings in a way to maintain a bank account with a minimum balance. Using the prior year’s budget as a base year and adjusting it based on the experiences of the prior year and the expectations for the coming year. One of these techniques or processes is zero-based budgeting, which isĪ. Gleim #: 2.1.3 - Source: CIA 1192 IV-19 There are many different budget techniques or processes that business organizations can employ. Gleim #: 2.3.48 - Source: CMA 694 3-12 The production budget process usually begins with theĭirect materials budget. What amount of financing will the company need during the quarter? All merchandise inventory purchases are paid for in cash at the time of purchase. Cash operating expenses are expected to be $50,000. Sales for the quarter are expected to be $300,000, all in cash. The desired cash and merchandise inventory balances on June 30 are $20,000 and $250,000, respectively. Gleim CMA Test Prep: Part 1: Financial Planning, Performance, and Control (266 questions) Gleim #: 2.4.208 - Source: CIA 589 IV-12 A company has $10,000 in cash and $150,000 in merchandise inventory on March 31. Gleim Book Gleim CD IMA - Retired 2005 IMA - Retired 2008īy: Mohamed “hengoo” to members
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