MSQ-06 - Master Budget
Short Description
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Description
MANAGEMENT ADVISORY SERVICES THEORY
Budgeting concepts 1. !ic! o" t!e "o##o$ing o%&ecti'es o%&ecti'es is not ( p)i*()+ pu)pose pu)pose o" p)ep()ing p)ep()ing ( %udget, %udget, A. To *(-e su)e su)e t!e co*p(n+ co*p(n+ ep(nds ep(nds its ope)(ti ope)(tions. ons. B. To cont)o# inco*e inco*e (nd ependi ependitu)e tu)e in ( gi'en pe)iod. pe)iod. C. To p)o'ide ( %(sis %(sis "o) co*p()ison co*p()ison o" (ctu(# (ctu(# pe)"o)*(nce pe)"o)*(nce D. To co**unic(te t!e t!e co*p(n+/s p#(ns t!)oug!out t!)oug!out t!e enti)e enti)e %usiness o)g(ni0(tion . 2o) %ette) *(n(ge* *(n(ge*ent ent (ccept(nce (ccept(nce33 t!e "#o$ o" d(t( to %e used "o) %udgeting %udgeting s!ou#d s!ou#d %egin $it! A. Accounting dep()t*ent C. Lo$e) #e'e#s o" *(n(ge*ent B. Budget co**ittee D. Top *(n(ge*ent 4. Ine""ecti'e Ine""ecti'e %udget %udgetss (nd5o) cont)o# cont)o# s+ste*s s+ste*s ()e c!()(cte)i0ed c!()(cte)i0ed %+ t!e use use o" A. %udget %udgetss "o) *oti' *oti'(ti (tion. on. B. %udget %udgetss "o) coo)din coo)din(ti (tion. on. C. t!e %udget %udget "o) "o) co**unic co**unic(tion (tion.. D. %udgets (s ( p#(nning p#(nning too# on#+ on#+ (nd dis)eg()ding dis)eg()ding t!e* "o) cont)o# pu)poses. pu)poses. 6. Budget Budget s#(cs#(c- is ( condition tion in $!ic! c! A. de*(nd de*(nd is #o$ (t (t '()ious '()ious ti*es ti*es o" t!e +e(). +e(). B. *(n(ge)s *(n(ge)s g)(nt g)(nt "('o)ed "('o)ed e*p#o+ees o+ees et)( et)( ti*e o"". o"". C. ecess ecess *(c!ine *(c!ine c(p(cit+ t+ eists in so*e so*e ()e(s ()e(s o" t!e p#(nt. p#(nt. D. t!e)e is (n intention(# o'e)esti*(te o'e)esti*(te o" epenses epenses o) (n (n unde)esti*(te o" )e'enues. 7. !ic! o" t!ese t!ese st(te*ents st(te*ents ()e (d'(nt(ge (d'(nt(gess o" p)o"it p#(nning, p#(nning, 1. De'e#ops ops p)o"it8*indedness3 ndedness3 encou)(ges encou)(ges cost consciousness consciousness (nd )esou)ces uti#i0(tion uti#i0(tion t!)oug!out t!e co*p(n+. . 9)o'id 9)o'ides es 'e!ic#e 'e!ic#e to co**un co**unic( ic(te te o%&ecti' o%&ecti'es3 es3 g(in suppo)t suppo)t "o) t!e p#(n3 p#(n3 o" $!(t is epected3 t!e)e%+ de'e#oping ( sense o" co**it*ent to (c!ie'e est(%#is!ed go(#s. 4. 9)o'ides des +()dstic- to e'(#u(te (ctu(# pe)"o)*(nce pe)"o)*(nce:: encou)(gi encou)(ging ng e""icienc+3 e""icienc+3 inc)e(sing inc)e(sing output (nd )educing cost. 6. 9)o'ides des ( sense o" di)ection di)ection "o) t!e co*p(n+ (nd (nd en!(nces en!(nces coo)din(tion coo)din(tion o" %usiness ness (cti'it+. MS8; MASTER BDGET
HILARIO TAN 7. E#i*in(tes n(tes o) t(-es o'e) t!e )o#e o" (d*inist)(tion (d*inist)(tion %+ p)o'iding p)o'iding det(i#ed #ed in"o)*(tion in"o)*(tion t!(t (##o$s eecuti'es to ope)(te to$()d (c!ie'e*ent o" t!e o)g(ni0(tion/s o%&ecti'es. A. St (t (te*ents 13 13 3 3 43 43 (n (nd 6 on#+. C. St(te*ents 43 43 63 63 (n (nd 7 on#+. B. St(te*ents 13 13 43 (n (nd 6 on#+. D. A## "i"i'e st(te*ents. ;. T!ese st(te*en st(te*ents ts ()e p)ope) p)ope) to t!e %udgeting %udgeting p)ocess p)ocess ecept< A. It is ( too# to o)c!est)(te o)c!est)(te t!e '()ious "unctions o" ope)(tions ope)(tions in ( %usiness. B. It is ( p()t o" *(n(ge*ent/s *(n(ge*ent/s )esponsi%i#it+ )esponsi%i#it+ to p#(n p#(n t!e use o" its )esou)ces. C. Actu(# Actu(# )esu#ts need need not %e co*p()ed co*p()ed $it! p#(n3 since t!e p)ocess p)ocess ends ("te) ("te) %udget is (pp)o'ed. D. T!e in'o#'e*ent 'e*ent o" t!e '()ious '()ious #e'e#s o" indi'idu(#s indi'idu(#s in t!e co*p(n+ co*p(n+ is necess()+ necess()+ to g(in its (ccept(nce (nd (tt(in its go(#s. =. In %udgeting %udgeting33 $!ic! o" t!e "o##o$in "o##o$ingg st(te*ents st(te*ents is "(#se, se, A. 9#(nning (nd (nd cont)o# ()e ()e t!e essenti(# essenti(# "e(tu)es o" t!e %udgeting %udgeting p)ocess B. C(pit(# ependitu)es ependitu)es %udget %udget s!o$s t!e ('(i#(%i#it+ ('(i#(%i#it+ o" id#e id#e c(s! "o) in'est*ent C. Budgeting p)o'ides ( *e(su)ing de'ice de'ice to $!ic! su%se>uent pe)"o)*(nces pe)"o)*(nces ()e co*p()ed (nd e'(#u(ted. D. Budget p)ep()(tion p)ep()(tion is not t!e so#e )esponsi%i#it+ o" (n+ one one dep()t*ent (nd (nd is p)ep()ed %+ %+ co*%ining t!e e""o)ts o" *(n+ indi'idu(#s Budget *et!odo#ogies ?. A %udget %udget t!(t inc#udes ( 18*ont! p#(nning p#(nning pe)iod (t (## ti*es is c(##ed ( @@@@@@@@@@ %udget. A. continuous C. *(ste) B. " #ei%#e D. p) p )o "o)*( . Budgeting Budgeting epen ependitu) ditu)es es %+ pu)pose pu)pose is c(##ed c(##ed A. 2#ei%#e %udgeting. B. Line %udgeting.
C. 9)og)(* %udgeting. D. e)o8%(sed %udgeting.
1. A %udget t!(t identi"ies identi"ies )e'enues (nd costs $it! (n indi'idu(# indi'idu(# cont)o##ing t!ei) incu))ence is A. M(ste) %udget C. Responsi%i#it+ %udget B. 9)oduct %udget D. None o" t!e (%o'e 9(ge 1 o" 11
MANAGEMENT ADVISORY SERVICES 11. T!e p)ocedu)e "o) setting p)o"it o%&ecti'es in $!ic! *(n(ge*ent speci"ies ( gi'en )(te o" )etu)n t!(t it see-s to )e(#i0e in t!e #ong )un %+ *e(ns o" p#(nning to$()d t!(t end is t!e< A. a posteriori *et!od D. p)(g*(tic *et!od B. a priori *et!od E. t!eo)etic(# *et!od C. ad hoc *et!od 1. Acti'it+8%(sed %udgeting inc#udes (## t!e "o##o$ing steps EFCE9T A. co*puting t!e cost o" pe)"o)*ing (cti'ities. B. dete)*ining ( sep()(te cost8d)i'e) )(te "o) e(c! dep()t*ent. C. dete)*ining de*(nds "o) (cti'ities ")o* s(#es (nd p)oduction t()gets. D. desc)i%ing t!e %udget (s costs o" (cti'ities )(t!e) t!(n costs o" "unctions. 14. ust8in8ti*e *(nu"(ctu)e)s ()e *o)e #i-e#+ t!(n con'ention(# *(nu"(ctu)e)s to A. Epe)ience c(s! s!o)t(ges. B. 9)ep()e p)oduction %udgets $it!out ( s(#es "o)ec(st. C. Budget *(te)i(#s pu)c!(ses e>u(# to t!e cu))ent *ont!/s needs "o) p)oduction. D. Budget unit p)oduction "o) t!e *ont! (t g)e(te) t!(n %udgeted unit s(#es "o) t!e *ont!. 16. A s+ste*(ti0ed (pp)o(c! -no$n (s 0e)o8%(sed %udgeting BB A. Co**ences $it! t!e cu))ent #e'e# o" spending. B. 9)esents p#(nned (cti'ities "o) ( pe)iod o" ti*e %ut does not p)esent ( "i)* co**it*ent. C. Di'ides t!e (cti'ities o" indi'idu(# )esponsi%i#it+ cente)s into ( se)ies o" p(c-(ges t!(t ()e p)io)iti0ed. D. C#(ssi"ies t!e %udget %+ t!e p)io) +e()/s (cti'it+ (nd esti*(tes t!e %ene"its ()ising ")o* e(c! (cti'it+. 17. T!is %udgeting s+ste* p#(ces t!e %u)den o" p)oo" on t!e *(n(ge) to &usti"+ (ut!o)it+ to spend (n+ *one+ $!et!e) o) not t!e)e $(s spending in t!e p)e'ious pe)iod. Di""e)ent $(+s o" pe)"o)*ing t!e s(*e (cti'it+ (nd di""e)ent #e'e#s o" e""o)t "o) t!e (cti'it+ is e'(#u(ted. T!is s+ste* is c(##ed A. Budgeting %+ (#te)n(ti'es. C. Scen()io %udgeting. B. Budgeting %+ )esponsi%i#i t+ (nd (ut!o)it+. D. e)o8%(sed %udgetin g. MS8; MASTER BDGET
HILARIO TAN 1;. In 0e)o8%(sed %udgeting3 $!ic! o" t!e "o##o$ing st(te*ents ()e T)ue, 1. A## (cti'ities in t!e co*p(n+ ()e o)g(ni0ed into %)e(-8up units c(##ed p(c-(ges. . A## costs !('e to %e &usti"ied e'e)+ %udgeting pe)iod. 4. T!e p)ocess is not ti*e consu*ing since &usti"ic(tion o" costs c(n %e done (s ( )outine *(tte). A. St(te*ent 1 on#+. C. St(te*ent (nd 4 on#+. B. St(te*ents 1 (nd on#+. D. A## t!)ee st(te*ents. 1=. Conside)ing %udgeting concepts (nd p)incip#es3 $!ic! o" t!e "o##o$ing st(te*ents is not (pp#ic(%#e, A. T!e "#ei%#e %udget is o"ten used (s ( %(sis "o) p)ep()ing t!e p)e8dete)*ined o'e)!e(d )(te. B. A "#ei%#e %udget is ge()ed to$()d ( )(nge o" (cti'it+ )(t!e) t!(n to$()d ( sing#e #e'e# o" (cti'it+. C. A#t!oug! it is e""ecti'e in *e(su)ing p)oduction cont)o#3 ( st(tic %udget is not e""ecti'e in *e(su)ing cost cont)o#. D. T!e on#+ di""e)ence %et$een ( "#ei%#e %udget (nd ( st(tic %udget is t!(t ( "#ei%#e %udget does not cont(in "ied costs. Annu(# p)o"it p#(n J suppo)ting sc!edu#es 1?. 2o) ( co*p(n+ t!(t does not !('e )esou)ce %e p)ep()ed, 1. c(s! %udget . s(#es %udget 4. in'ento)+ %udgets A. se>uence 3 43 631 (nd 7 B. se>uence 3 43 63 7 (nd 1
#i*it(tions in $!(t se>uence $ou#d t!e %udgets 6. 7.
p)oduction %udgets pu)c!(se %udgets
C. se>uence 3 63 43 7 (nd 1 D. se>uence 63 43 3 1 (nd 7
1. A %udget t!(t is ep)essed in units o" *(te)i(#s3 nu*%e) o" e*p#o+ees3 o) nu*%e) o" *(n8 !ou)s o) se)'ice units )(t!e) t!(n in pesos is -no$n (s A. 9!+sic(# %udget C. 9)og)essi'e %udget B. 9#(nnin g %udget D. T)(dition(# %udget 9(ge o" 11
MANAGEMENT ADVISORY SERVICES . !ic! o" t!e "o##o$ing is LEAST #i-e#+ to %e (""ected i" unit s(#es "o) t!is *ont! ()e #o$e) t!(n %udgeted, A. C(s! ) eceipts "o) net *ont!. C. 9) oduction "o) net *ont!. B. In'ento)+ (t t!e end o" t!is *ont!. D. 9)oduction "o) t!is *ont!. 1. I" ( co*p(n+ !(s ( po#ic+ o" *(int(ining (n in'ento)+ o" "inis!ed goods (t ( speci"ied pe)cent(ge o" t!e net *ont!Ks %udgeted s(#es3 %udgeted p)oduction "o) (nu()+ $i## eceed %udgeted s(#es "o) (nu()+ $!en %udgeted A. (nu()+ s(#es eceed %udgeted 2e%)u()+ s(#es. B. 2e%)u()+ s(#es eceed %udgeted (nu()+ s(#es. C. (nu()+ s(#es eceed %udgeted Dece*%e) s(#es. D. Dece*%e) s(#es eceed %udgeted (nu()+ s(#es. . A co*p(n+ t!(t *(int(ins ( )($ *(te)i(# in'ento)+3 $!ic! is %(sed on t!e "o##o$ing *ont!Ks p)oduction needs3 $i## pu)c!(se #ess *(te)i(# t!(n it uses in ( *ont! $!e)e A. s(#e s eceed p)oduction. B. p)oduction eceeds s(#es. C. p#(nned p)oduction eceeds t!e net *ont!Ks p#(nned p)oduction. D. p#(nned p)oduction is #ess t!(n t!e net *ont!Ks p#(nned p)oduction. 4. !ic! o" t!e "o##o$ing is *ost #i-e#+ to )esu#t i" F/s *(n(ge)s decide to )educe in'ento)+ to (##e'i(te ( c(s! de"icienc+ s!o$n in its initi(# c(s! %udget, A. A #o$e)ing o" F/s c)edit )(ting. B. A dec)e(se in F/s %udgeted pu)c!(ses. C. A dec)e(se in F/s cost8o"8s(#es pe)cent(ge. D. A #onge) co##ection pe)iod "o) F/s c)edit s(#es. 6. A co*p(n+ !(s p)ep()ed ( c(s! %udget "o) (nu()+ t!)oug! une o" 4. !ic! o" t!e "o##o$ing3 disco'e)ed in 2e%)u()+ 43 is LEAST #i-e#+ to )e>ui)e )e'ising t!e c(s! %udget, A. 2e%)u()+ s(#es ()e #o$e) t!(n %udgeted. B. T!e co*p(n+ c!(nged in'ento)+ *et!ods ")o* LI2O to 2I2O. C. T!e inte)est )(te on s!o)t8te)* %o))o$ing is !ig!e) t!(n %udgeted. D. T!e co*p(n+ inc)e(sed ")o* 1 to t!e do$n p(+*ent it )e>ui)es ")o* custo*e)s. MS8; MASTER BDGET
HILARIO TAN 7. !ic! o" t!e "o##o$ing is not ( "unction(# %udget, A. C(s! %udget C. 9u)c!(sing %udget B. Di)ect #(%o) cost D. Rese()c! (nd de'e#op*ent %udget ;. B+ t!e end o" t!is +e() +ou epect to !('e ( c(s! %(#(nce o" 973. !ic! o" t!ese t)(ns(ctions5indic(to)s not conside)ed in +ou) esti*(te $i## )educe t!is %(#(nce, A. A *odi"ic(tion on c)edit te)*s to custo*e)s $i## )educe c)edit s(#es. B. T!e )(tio o" cu))ent t)(de )ecei'(%#es to tot(# )ecei'(%#es $i## dec)e(se. C. A di(#ogue $it! -e+ supp#ie)s $i## (##o$ discounts on etended p(+*ent te)*s. D. A ne$ *(c!ine $i## %e %oug!t $it! p)oceeds ")o* ( %(n- #o(n t!(t $i## c())+ ( 1= inte)est pe) (nnu* (nd *ont!#+ p(+*ents o'e) +e()s. =. I" c(s! )eceipts ")o* custo*e)s ()e g)e(te) t!(n s(#es3 $!ic! o" t!e "o##o$ing is *ost #i-e#+ to %e t)ue, A. Accounts )ecei'(%#e $i## dec)e(se. C. Outst(nding de%t $i## dec)e(se. B. C(s! %(#(nce $i## inc)e(se. D. T!e co*p(n+ $i## s!o$ ( p)o"it. ?. T!e c(s! %udget "o) $ou#d %e (""ected in so*e $(+ %+ (## o" t!e "o##o$ing EFCE9T A. T!e s(#es "o)ec(st "o) t!e "i)st *ont! in 4. B. A c(s! di'idend dec#()ed in 1 "o) p(+*ent in . C. A c(s! di'idend dec#()ed in "o) p(+*ent in 4. D. Inte)est epense on #o(ns t(-en out (nd )ep(id du)ing . . Net c(s! in"#o$ is gi'en too *uc! e*p!(sis %+ *(n(ge)s tod(+3 "o) t!e+ -no$ t!(t c(s! is t!e co**on c(use o" %usiness "(i#u)es. Net c(s! in"#o$ is e>u(# to A. C(s! %(#(nce (t t!e %eginning c(s! )eceipts c(s! dis%u)se*ents B. C(s! )ecei'ed du)ing t!e pe)iod *inus c(s! dis%u)se*ents du)ing t!e pe)iod C. C(s! %(#(nce (t t!e end o" #(st *ont! c(s! ")o* (## sou)ces o" )e'enue )e'enue p(+*ents D. C(s! s(#e s (nd co##ections o" (ccounts )ecei'(%#e *inus )e'enue (nd c(pit(# ependitu)es
9(ge 4 o" 11
MANAGEMENT ADVISORY SERVICES 4. In"o)*(tion not s!o$n in t!e c(s! %udget %ut needed in t!e p)ep()(tion o" t!e st(te*ent o" ope)(tions "o) t!e pe)iod A. Di'idends C. S(#es B. In'ento)+ #e'e#s D. T( 9(+*ents 41. A "in(ncing g(p occu)s $!en A. Re>ui)ed (ssets eceed ('(i#(%#e e>uities. B. Budgeted c(s! )eceipts ()e #ess t!(n %udgeted c(s! dis%u)se*ents. C. T!e %udgeted c(s! %(#(nce goes %e#o$ t!e *ini*u* )e>ui)ed %(#(nce. D. An+ o" t!e (%o'e occu)s. 4. !ic! o" t!e "o##o$ing st(te*ents (%out %udgeted "in(nci(# st(te*ents is inco))ect, A. T!e %udgeted inco*e st(te*ent is de'e#oped ")o* t!e %udgeted "o) t!e cu))ent +e(). B. T!e %udgeted %(#(nce s!eet is de'e#oped enti)e#+ ")o* t!e %udgets "o) t!e cu))ent +e(). C. Once est(%#is!ed3 t!e %udgeted inco*e st(te*ent p)o'ides t!e %(sis "o) e'(#u(ting co*p(n+ pe)"o)*(nce. D. Cost o" goods so#d is dete)*ined %+ *u#tip#+ing t!e %udgeted unit s(#es %+ t!e %udgeted tot(# unit p)oduction cost. Co*p)e!ensi'e 44. On %udgeting3 (## o" t!e "o##o$ing ()e not '(#id3 ecept A. A s(#es %udget (nd ( s(#es "o)ec(st ()e t!e s(*e t!ing. B. Responsi%i#it+ %udget identi"ies )e'enue (nd costs $it! t!e indi'idu(# )esponsi%#e "o) t!ei) incu))ence. C. T!e p)i*()+ pu)pose o" t!e c(s! %udget is to s!o$ t!e epected c(s! %(#(nce (t t!e end o" t!e %udget pe)iod. D. T!e %est $(+ to est(%#is! %udget "igu)es is to use #(st +e()/s (ctu(# cost (nd (cti'it+ d(t( (s t!is +e()/s %udget esti*(tes. 46. !ic! o" t!e "o##o$ing st(te*ents is T)ue, A. Budget d(t( ()e gene)(##+ p)ep()ed %+ top *(n(ge*ent (nd dist)i%uted do$n$()d in (n o)g(ni0(tion. B. T!e %udget co**ittee is )esponsi%#e "o) p)ep()ing det(i#ed %udget "igu)es in (n MS8; MASTER BDGET
HILARIO TAN o)g(ni0(tion. C. T!e p)i*()+ pu)pose o" t!e c(s! %udget is to s!o$ t!e epected c(s! %(#(nce (t t!e end o" t!e %udget pe)iod. D. nde) 0e)o8%(sed %udgeting3 ( *(n(ge) is )e>ui)ed to st()t (t 0e)o %udget #e'e#s e(c! pe)iod3 (s i" t!e p)og)(*s in'o#'ed $e)e %eing initi(ted "o) t!e "i)st ti*e. PROBLEMS
S(#es %udget 1. Budgeted s(#es "o) t!e "i)st si *ont!s o" 1 "o) Hen)+ Co)p. ()e #isted %e#o$< (n 2e% M() Ap) M(+ une NITS ;3 =3 ?3 =3 73 63 < Hen)+ Co)p. !(s ( po#ic+ o" *(int(ining (n in'ento)+ o" "inis!ed goods e>u(# to 6 pe)cent o" t!e net *ont!Ks %udgeted s(#es. I" Hen)+ Co)p. p#(ns to p)oduce ;3 units in une3 $!(t ()e %udgeted s(#es "o) u#+, A. 13 units C. ?3 units B. 43; units D. 3 units uestions 7 (nd ; ()e %(sed on t!e "o##o$ing in"o)*(tion. St(. B()%()( is one o" t!e *(nu"(ctu)e)s o" ( p()t used in t!e p)oduction o" ( popu#() consu*e) p)oduct. S(#es o" t!e consu*e) p)oduct in 1?7 ()e esti*(ted (t 733 units. St(. B()%()( )egu#()#+ supp#ies 6 o" t!e p()ts used in t!e ne$ p)oducts. T$o p()ts units ()e needed "o) e(c! p)oduct unit. Aside ")o* t!e ne$ p)oducts3 t!e)e is (#so ( )ep#(ce*ent p()ts *()-et. O'e) t!e p(st t!)ee +e()s3 t!e co*p(n+ !(s so#d t!e "o##o$ing nu*%e) o" )ep#(ce*ent p()ts< 1? 43 1?4 443 1?6 4;43 T!is t)end is epected to continue. T!e p()ts ()e so#d "o) 96 pe) piece in t!e ne$ p)oducts *()-et (nd 96.7 in t!e )ep#(ce*ent p()ts *()-et. . T!e esti*(ted nu*%e) o" p()ts to %e so#d %+ St(. B()%()( in 1?7 is A. 3434 C. 63434 9(ge 6 o" 11
MANAGEMENT ADVISORY SERVICES B. 633
HILARIO TAN D. 636473;
4. T!e (*ount o" epected )e'enue %(sed on t!e esti*(ted nu*%e) o" p()ts to %e so#d in 1?7 is A. 93=;3?7 C. 91=37=3 B. 91;33 D. 91=3=;3?7 9)oduction %udget 6. Be(t#ess Co)p3 p#(ns to se## 3 units o" Let8It8Be p)oduct in u#+ (nd (nticip(te ( g)o$t! in s(#es o" 7 pe) *ont!. T!e t()get ending in'ento)+ in units o" t!e p)oduct is ? o" t!e net *ont!/s esti*(ted s(#es. T!e)e ()e 173 units in in'ento)+ (s o" t!e end o" une. T!e p)oduction )e>ui)e*ent in units o" Let8It8Be "o) t!e >u()te) ending Septe*%e) 4 $ou#d %e A. ;;73= C. ;=737 B. ;=37; D. ;1377 7. E(c! unit o" p)oduct IM t(-es "i'e di)ect #(%o) !ou)s to *(-e. u(#it+ st(nd()ds ()e !ig! (nd ? o" units p)oduced ()e no)*(##+ )e&ected due to su%st(nd()d >u(#it+. Net *ont!/s %udgets ()e (s "o##o$s< Beginning in'ento)+ o" "inis!ed goods 43 units 9#(nned ending in'ento)+ o" "inis!ed goods =3; units Budgeted s(#es o" IM 4;3? units A## stoc-s o" "inis!ed goods *ust !('e success"u##+ p(ssed t!e >u(#it+ cont)o# c!ec-. !(t is t!e di)ect #(%o) %udget "o) t!e *ont!, A. 1?3= !ou)s C. 437 !ou)s B. 3 !ou)s D. 73 !ou)s ;. T)opic(# M(nu"(ctu)ing Co)po)(tion is using t!e "o##o$ing "#ei%#e8%udget "o)*u#( "o) (nnu(# indi)ect #(%o) cost< Tot(# cost 913 9.=7 pe) *(c!ine !ou). 2o) t!e *ont! o" une3 t!e ope)(ting %udgets ()e %(sed upon 13 !ou)s o" p#(nned *(c!ine ti*e. Indi)ect #(%o) costs inc#uded in t!is p#(nning %udget ()e A. 9=37 C. 91=37 B. 9?37 D. 9137 uestions = (nd ? ()e %(sed on t!e "o##o$ing in"o)*(tion. MS8; MASTER BDGET
T!e %udget co**ittee o" 2e)%e# Co*p(n+ is p)ep()ing its *(nu"(ctu)ing %udget "o) t!e +e() 1?4. Initi(# esti*(tes indic(te (n (nnu(# s(#es "o)ec(st o" 63 units. T!e co*p(n+ s!(## (#so need 13 units "o) stoc-. Econo*ic #ot pu)c!(ses o" 13=7 -i#os o" *(te)i(# A (t 9? pe) -i#o (nd 13 #ite)s o" *(te)i(# B (t 917 pe) #ite) ()e )e>ui)ed to p)oduce t!e 73 units. Budgeted "(cto)+ o'e)!e(d epenses "o) t!is p)oduction ()e< 2ied "(cto)+ o'e)!e(d Supe)'ision 963 Dep)eci(tion 934 Insu)(nce 9 7 V()i(%#e "(cto)+ o'e)!e(d Indi)ect #(%o) 9.7 pe) di)ect #(%o) !ou) Indi)ect supp#ies 9.? pe) unit Gene)(# "(cto)+ 9.1 pe) di)ect #(%o) !ou) L(%o) !ou)s (nd )(tes "o) t!e t$o ope)(tions ()e Ope)(tion 1 63 !ou)s (t 97. pe) !ou) Ope)(tion 3 !ou)s (t 96.7 pe) !ou) =. B(sed on t!e (%o'e in"o)*(tion3 t!e %udgeted tot(# *(nu"(ctu)ing costs "o) 2e)%e# Co*p(n+ "o) t!e +e() 1?4 $ou#d %e A. 97136 C. 9;?3? B. 9;3? D. 9=;37; ?. T!e "(cto)+ o'e)!e(d )(te %(sed on di)ect #(%o) !ou)s $ou#d %e A. 9.;= pe) di)ect #(%o) !ou) C. 9.1; pe) di)ect #(%o) !ou) B. 91.? pe) di)ect #(%o) !ou) D. 9.= pe) di)ect #(%o) !ou) R($ *(te)i(#s pu)c!(ses %udget . Mien Co. is %udgeting s(#es o" 743 units o" p)oduct Nous "o) Octo%e) . T!e *(nu"(ctu)e o" one unit o" Nous )e>ui)es 6 -i#os o" c!e*ic(# Loi)e. Du)ing Octo%e) 1?3 Mine p#(ns to )educe t!e in'ento)+ o" Loi)e %+ 73 -i#os (nd inc)e(se t!e "inis!ed goods in'ento)+ o" Nous %+ ;3 units. T!e)e is no Nous $o)- in p)ocess in'ento)+. Ho$ *(n+ -i#os o" Loi)e is Mien %udgeting to pu)c!(se in Octo%e) , A. 14?3 C. 1?;3 9(ge 7 o" 11
MANAGEMENT ADVISORY SERVICES B. 1;3
HILARIO TAN D. 4?3
1. Net *ont!/s %udgeted s(#es "o) TEM9 is 1?3 units. E(c! unit o" p)oduct TEM9 uses ; -i#og)(*s o" )($ *(te)i(#s. T!e p)oduction (nd in'ento)+ %udgets "o) une 1 ()e (s "o##o$s< Opening In'ento)+ 9#(nned Ending In'ento)+ R($ *(te)i(#s 13 -gs. 636 -gs. 2inis!ed goods 173 units 1136 units Du)ing t!e p)oduction p)ocess3 it is usu(##+ " ound t!(t 1 o" p)oduction units ()e sc)(pped (s de"ecti'e (nd t!is #oss occu)s ("te) t!e )($ *(te)i(#s !('e %een p#(ced in p)ocess. !(t $i## t!e )($ *(te)i(# pu)c!(ses %e in une, A. ?3? -gs. C. ?366 -gs. B. ;3 -gs. D. 36 -gs. 11. GLORIA COR9. !(s t!e "o##o$ing %udget esti*(tes "o) its second +e() o" ope)(tions< 9)o&ected s(#es 94373 9)o&ected net inco*e %e"o)e t( 1 o" s(#es Esti*(ted se##ing (nd (d*inist)(ti'e epenses 7 o" s(#es Di)ect #(%o) (nd "(cto)+ o'e)!e(d ()e %udgeted (t = o" t!e tot(# *(nu"(ctu)ing cost. In'ento)ies ()e esti*(ted (s "o##o$s< R($ *(te)i(#s Goods in p)ocess 2inis!ed goods Beginning 93 973 9473 Ending =3 43 63 T!e esti*(ted pu)c!(ses o" )($ *(te)i(#s $ou#d %e A. 9;=3 C. 9 =6=37 B. 9=437 D. 9 ;=37 Ope)(ting epenses %udget 1. Coo- Co./s tot(# costs o" ope)(ting "i'e s(#es o""ices #(st +e() $e)e P733 o" $!ic! P=3 )ep)esented "ied costs. Coo- !(s dete)*ined t!(t tot(# costs ()e signi"ic(nt#+ in"#uenced %+ t!e nu*%e) o" s(#es o""ices ope)(ted. L(st +e()/s costs (nd nu*%e) o" s(#es o""ices c(n %e used (s t!e %(ses "o) p)edicting (nnu(# costs. !(t $ou#d %e t!e %udgeted cost "o) t!e MS8; MASTER BDGET
co*ing +e() i" Coo- $e)e to ope)(te se'en s(#es o""ices, A. P7?;3 C. P ;=3 B. P;3 D. P =3 14. Q()*e#3 Inc. p(+s out s(#es co**issions to its s(#es te(* in t!e *ont! t!e co*p(n+ )ecei'es c(s! "o) p(+*ent. T!ese co**issions e>u(# 7 o" tot(# *ont!#+ c(s! in"#o$s (s ( )esu#t o" s(#es. Q()*e# !(s %udgeted s(#es o" P43 "o) August3 P63 "o) Septe*%e)3 (nd P3 "o) Octo%e). App)oi*(te#+3 !(#" o" (## s(#es ()e on c)edit3 (nd t!e ot!e) !(#" ()e (## c(s! s(#es. Epe)ience indic(tes t!(t = o" t!e %udgeted c)edit s(#es $i## %e co##ected in t!e *ont! "o##o$ing t!e s(#e3 t!e *ont! ("te) t!(t3 (nd 1 o" t!e s(#es $i## %e unco##ecti%#e. B(sed on t!is in"o)*(tion3 $!(t s!ou#d %e t!e tot(# (*ount o" s(#es co**issions p(id out %+ Q()*e# in t!e *ont! o" Octo%e), A. P?37 C. P1=3 B. P1437 D. P3 16. Bud&i Co)p. is p)ep()ing its %udget "o) 1B. 2o) 1A3 t!e "o##o$ing $e)e )epo)ted< S(#es 13 units 9133 Cost o" Goods So#d ;3 G)oss 9)o"it 9 63 O pe) (t in g E pen se s in c# ud ing de p) ec i( ti on o " 9 6 3 63 Net Inco*e 9 1;3 Se##ing p)ices $i## inc)e(se %+ 1 (nd s(#es 'o#u*e in units $i## dec)e(se %+ 7. T!e cost o" goods so#d (s ( pe)cent o" s(#es $i## inc)e(se to ;. Ot!e) t!(n dep)eci(tion3 (## ope)(ting costs ()e '()i(%#e. Bud&i $i## %udget ( net inco*e "o) 1B o" A. 91;=31 C. 9 1;?3 B. 91;=37 D. 9 1=;3 17. It is %udgeting ti*e "o) De# Co. T!e "o##o$ing (ssu*ptions $e)e (g)eed upon "o) t!e net +e() ("te) ( st)(tegic p#(nning session $!ic! co'e)ed ( "i'e8+e() !o)i0on 1. S(#es is esti*(ted to %e (t =3 units (t its n(tion(# se##ing p)ice o" 91;.. =7 o" tot(# s(#es ()e on c)edit. 1.7 o" net s(#es is p)o'ided "o) dou%t"u# (ccounts. . S(#es discounts ()e gi'en to '()ious custo*e)s (t di""e)ent )(tes (nd net to g)oss )(tio is (t 4 4. M()-8up on *e)c!(ndise is (t 67 o" in'oice cost. Beginning in'ento)+ is 9?3 9(ge ; o" 11
MANAGEMENT ADVISORY SERVICES (nd is epected to %e )educed %+ 9173 (t t!e end o" t!e pe)iod. 6. Se##ing (nd (d*inist)(ti'e epenses is epected to %e 17 o" g)oss s(#es. 7. Dep)eci(tion is co*puted (t 973. T!e p)o&ected ope)(ting inco*e "o) t!e +e() is A. 91=43? C. 973=61 B. 973461 D. 9 ;3?61 C(s! %udget 1;. 9e)( Inc. p)ep()ed t!e "o##o$ing s(#es %udget Mont! C(s! S(#es C)edit S(#es 2e%)u()+ 9 ?3 9 463 M()c! 13 63 Ap)i# 3 4=3 M(+ 13 6;3 une 113 4?3 Co##ections ()e 6 in t!e *ont! o" s(#e3 67 in t!e *ont! "o##o$ing t!e s(#e3 (nd 1 t$o *ont!s "o##o$ing t!e s(#e. T!e )e*(ining 7 is epected to %e unco##ecti%#e. T!e co*p(n+/s tot(# %udgeted co##ection ")o* Ap)i# to une (*ounts to A. 91337 C. 9134=37 B. 9134737 D. 9136;?37 1=. T!e "o##o$ing !isto)ic(# p(tte)n on its c)edit s(#es o" R(in+ Co. $(s p)esented< = co##ection du)ing t!e *ont! o" s(#e. 17 in t!e "i)st *ont! ("te) s(#e. 1 in t!e second *ont! ("te) s(#e. 6 in t!e t!i)d *ont! ("te) s(#e. 1 unco##ecti%#e. T!e s(#es on (ccount o" t!e #(st si *ont!s o" t!e +e() $e)e )epo)ted (s "o##o$s< u#+ 913 August 163 Septe*%e) 1;3 Octo%e) 1?3 No'e*%e) 3 MS8; MASTER BDGET
HILARIO TAN Dece*%e)
1=3
T!e tot(# c(s! co##ections du)ing t!e "ou)t! c(#end() >u()te) ")o* s(#es *(de on (ccount du)ing t!e "ou)t! c(#end() >u()te) $ou#d %e A. 94673 C. 9 73? B. 96;3 D. 9 773 1?. MNO Co)po)(tion !(s ( 9473 %(#(nce o" (ccount )ecei'(%#e (t t!e %eginning o" its %udget pe)iod. It !(s %udgeted 91;3 c)edit s(#es (nd epects to co##ect = o" t!ese du)ing t!e %udget pe)iod. !(t is t!e ending %(#(nce o" (ccounts )ecei'(%#e (ssu*ing t!(t (## %ut 1 o" t!e %eginning %(#(nce is co##ected du)ing t!e %udget pe)iod. A. P437; C. 9=137 B. 97137 D. 916437 1. In p)ep()ing its c(s! %udget "o) u#+3 1=3 A)t Co*p(n+ *(de t!e "o##o$ing p)o&ections S(#es 91373 G)oss 9)o"it 7 Dec)e(se in in'ento)ies 9 =3 Dec)e(se in (ccounts p(+(%#e "o) in'ento)ies 13 2o) u#+3 1F=3 $!(t $e)e t!e esti*(ted c(s! dis%u)se*ent "o) in'ento)ies, A. 9 473. C. 913773. B. 91373. D. 9131=73. . T!e (nu()+ 1?4 %udget o" B(#(gt(s Co*p(n+ is %eing p)ep()ed %+ t!e %udget o""ice) o" t!e co*p(n+. In t!e p)ep()(tion o" t!e c(s! %udget t!e esti*(tes "o) t!e *ont! o" (nu()+3 1?4 inc#ude t!e "o##o$ing< S(#es 94=37 G)oss p)o"it %(sed on s(#es 7 Inc)e(se in in'ento)ies 9=73 Dec)e(se in t)(de (ccounts p(+(%#e 943 T!e esti*(ted c(s! dis%u)se*ents "o) in'ento)ies in (nu()+3 1?4 is 9(ge = o" 11
MANAGEMENT ADVISORY SERVICES A. 97?317 B. 9=44317
HILARIO TAN C. 9 =6?317 D. 9 ??317
1. St(. E#en( Me)c!(ndising Co*p(n+ p#(ns to se## in Dece*%e) 173 units o" its p)oduct (t ( unit p)ice o" 9. T!e esti*(ted g)oss p)o"it is 7 o" s(#es. T!e in'ento)+ $i## %e inc)e(sed in Dece*%e) in (nticip(tion o" !ig!e) s(#es 'o#u*e "o) C!)ist*(s. T!e inc)e(se $i## %e (%out 913. A*ounts p(+(%#e to t)(de c)edito)s $i## (#so inc)e(se %+ 973. Esti*(te o" p(+*ent to %e *(de du)ing t!e *ont! o" Dece*%e) "o) *e)c!(ndise is A. 913 C. 9 73 B. 9173 D. 9 43 . LT Co)po)(tion epects to se## 173 units du)ing t!e "i)st >u()te) o" 1?3 $it! (n ending in'ento)+ "o) t!e >u()te) o" 3 units. V()i(%#e *(nu"(ctu)ing costs ()e %udgeted (t 97 pe) unit3 $it! = o" tot(# '()i(%#e *(nu"(ctu)ing costs )e>ui)ing c(s! p(+*ents du)ing t!e >u()te). 2ied *(nu"(ctu)ing costs ()e %udgeted (t 913 pe) >u()te)3 6 o" $!ic! ()e epected to )e>ui)e c(s! p(+*ent du)ing t!e >u()te). In t!e c(s! %udget3 p(+*ents "o) *(nu"(ctu)ing costs du)ing t!e >u()te) $i## tot(# A. 973?3 C. 973?3 B. 97373 D. 9?373
"o) *en (nd $o*en< Budget o" H(i) St()s3 ( g)oo* p(d "o) *en (nd $o*en< Ecess o" c(s! ('(i#(%#e o'e) dis%u)se*ents 9 ? C(s! %(#(nce3 M(+ 1 131 Tot(# c(s! dis%u)se*ent "o) M(+ 437 T!e %usiness c(n on#+ %o))o$ *one+ in )ound "igu)es o" 913 (*ounts. I" t!e %usiness is )e>ui)ed to *(int(in ( *ini*u* c(s! %(#(nce o" 9133 !o$ *uc! *one+ s!ou#d %e %o))o$ed in M(+, A. 93 C. 93 B. 913 D. 943
7. Dign( Co*p(n+ !(d t!e "o##o$ing t)(ns(ctions in 1=3 t!ei) "i)st +e() o" ope)(tions S(#es co##ected in 1= 91373 B(d de%ts $)ite8o""s ;3 Dis%u)se*ents "o) cost (nd epenses 133 Dis%u)se*ent "o) inco*e t(es 3 9u)c!(se o" "ied (ssets 63 Dep)eci(tion o" "ied (ssets ?3 9)oceeds ")o* issu(nce o" co**on stoc73 9)oceeds ")o* s!o)t8te)* %o))o$ings 13 4. H())ison Co*p(n+ !(s %udgeted its ope)(tions "o) August. No c!(nge in t!e in'ento)+ #e'e# 9(+*ents on s!o)t8te)* %o))o$ings 73 du)ing t!e *ont! is p#(nned. Se#ected d(t( %(sed on esti*(ted (*ounts ()e (s "o##o$s< !(t is t!e c(s! %(#(nce (t Dece*%e) 413 1=, Net #oss P13 A. 9173. C. 913. Inc)e(se in (ccounts p(+(%#e 6?3 B. 91=3 D. 9?3. Dep)eci(tion epense 63 Dec)e(se in g)oss (*ounts o" t)(de (ccount )ecei'(%#es =3 ;. In p)ep()ing its %udget "o) u#+3 1=3 o+ Co*p(n+ !(s t!e "o##o$ing (ccounts )ecei'(%#e 9u)c!(se o" e>uip*ent on 8d(+ c)edit te)*s 1?3 in"o)*(tion ('(i#(%#e< 9)o'ision "o) esti*(ted $())(nt+ #i(%i#it+ 13 Accounts )ecei'(%#e (t une 43 1= 9473 !(t is t!e epected c!(nge in t!e c(s! position du)ing August, Esti*(ted c)edit s(#es "o) u#+ 963 A. P1?3 dec)e(se. C. P4;3 inc)e(se. Esti*(ted co##ections in u#+ "o) c)edit s(#es in u#+ (nd p)io) *ont!s 943 B. P43 dec)e(se. D. P763 inc)e(se. E st i* (t ed $) it e8 o"" s i n u# + " o) unc o# #e ct i%# e c )edi t s (# es 9 1; 3 Esti*(ted p)o'ision "o) dou%t"u# (ccounts "o) c)edit s(#es in u#+ 9 13 6. T!e "o##o$ing in"o)*(tion $(s et)(cted ")o* t!e M(+ C(s! Budget o" H(i) St()s3 ( g)oo* p(d !(t is t!e p)o&ected %(#(nce o" (ccounts )ecei'(%#e (t u#+ 413 1=, MS8; MASTER BDGET 9(ge ? o" 11
MANAGEMENT ADVISORY SERVICES A. 963. B. 96163.
HILARIO TAN C. 96;3. D. 9643.
Co*p)e!ensi'e uestions = t!)u 4 ()e %(sed on t!e "o##o$ing in"o)*(tion. 2o) pu)poses o" p)ep()ing t!e c(s! p)o&ections (nd ot!e) %udget esti*(tes "o) t!e t!i)d >u()te) o" 1??3 t!e "o##o$ing in"o)*(tion is p)esented to +ou %+ t!e *(n(ge*ent o" Vi)go Co)po)(tion< Second u()te) S(#es D(t(< 9esos nits Ap)i# 9 743 13; M(+ 773 113 une 7=3 1136 9)o&ected s(#es "o) t!e net "ou) *ont!s 9esos nits u#+ 763 13? August 773 113 Septe*%e) 7;3 113 Octo%e) 7?3 113; A## s(#es ()e on c!()ge %(sis (nd %i##ed (t t!e end o" t!e *ont!. A 7 discount is gi'en on co##ections $it!in t!e 17 d(+s ")o* %i##ing d(te. S(#es co##ections ()e gene)(##+ *(de (s "o##o$s< = $it!in t!e *ont! "o##o$ing t!e %i##ing d(te $it! 6 o" t!is %eing co##ected $it!in t!e discount pe)iod. = on t!e second *ont! "o##o$ing t!e %i##ing d(te. 4 conside)ed unco##ecti%#e Me)c!(ndise pu)c!(ses ()e gene)(##+ p(id (s "o##o$s< 7 $it!in t!e *ont! t!e+ ()e incu))ed. 7 ("te) t!e *ont! t!e+ ()e incu))ed Ending in'ento)+ in units cost pe) unit is 96 is 4 !ig!e) t!(n t!e "o##o$ing *ont!/s s(#es in units. Ope)(ting epenses ()e on c(s! %(sis (nd ()e esti*(ted to %e 17 o" t!e cu))ent *ont!/s s(#es inc#uding *ont!#+ dep)eci(tion o" 913. As o" une 43 1??3 Accounts Recei'(%#e %(#(nce $(s 9;43 (nd Me)c!(ndise In'ento)+ $(s 97;73. MS8; MASTER BDGET
=. T!e %udgeted c(s! co##ections "o) t!e *ont! o" u#+ $ou#d %e A. 9413 C. 9 76=37 B. 97437 D. 9 77;3 ?. T!e %udgeted c(s! p(+*ents o" t!e *ont! o" Septe*%e) $ou#d %e A. 9673; C. 9 71?3 B. 96;?3? D. 9 7443; . T!e p)o&ected net inco*e "o) Septe*%e) $ou#d %e A. 9?3 C. 9113 B. 94?3 D. 913 4. T!e %(#(nce o" (ccounts )ecei'(%#e (t t!e end o" u#+3 (ssu*ing t!(t no unco##ecti%#e (ccounts ()e $)itten o"" "o) u#+ $ou#d %e A. 9;143? C. 9 ;436? B. 9;37 D. 9 ;673;; uestions 41 t!)u 4? ()e %(sed on t!e "o##o$ing in"o)*(tion. T!e "o##o$ing in"o)*(tion !(s %een g(t!e)ed %+ t!e Budget Di)ecto) o" t!e Q()eton Co*p(n+3 (not!e) out"it *(n(ged %+ t!e M(sugid Co*p(n+. T!e "i)* *(nu"(ctu)es (nd se##s on#+ one p)oduct. T!e se##ing p)ice du)ing t!e co*ing *ont! is epected to %e t!e p)e'(i#ing p)ice o" 97 pe) unit. Epected s(#es du)ing t!e *ont! is ( tot(# o" =73 units o" "inis!ed goods. 2inis!ed goods epected to %e on !(nd (t t!e end o" t!e *ont! tot(# 73 units. 2inis!ed goods epected to %e on !(nd (t t!e %eginning o" !e *ont! tot(# 63 units. Di)ect #(%o) cost is 94. pe) !ou). One8"ou)t! (n !ou) o" di)ect #(%o) is )e>ui)ed to *(nu"(ctu)e e(c! unit o" "inis!ed p)oduct. 2(cto)+ o'e)!e(d is (pp#ied to $o)-8in8p)ocess on t!e %(sis o" di)ect #(%o) !ou)s. V()i(%#e "(cto)+ epenses (t t!e p#(nned #e'e# o" ope)(tions is epected to (*ount to 9443: "ied o'e)!e(d is epected to (*ount to 93;. T!e )($ *(te)i(#s epected to %e on !(nd (t t!e %eginning o" t!e *ont! tot(# 73 g(##ons. On#+ 9(ge o" 11
MANAGEMENT ADVISORY SERVICES
HILARIO TAN
one -ind o" )($ *(te)i(# is used to p)oduce t!e "inis!ed goods. One (nd one8!(#" g(##ons o" )($ *(te)i(# ()e needed to *(nu"(ctu)e e(c! unit o" "inis!ed p)oduct. R($ *(te)i(#s ()e epected to cost 9.1? pe) g(##on du)ing t!e co*ing *ont!3 its p)e'(i#ing cost. R($ *(te)i(#s epected to %e on !(nd (t t!e end o" t!e *ont! tot(# ?3 g(##ons. V()i(%#e (d*inist)(ti'e (nd se##ing epenses is 91. pe) unit. In (ssisting t!e co*p(n+ to "o)*u#(te t!e %udget3 +ou dete)*ined t!e "o##o$ing %udget p()(*ete)s.
4=. Budgeted cost o" goods so#d "u## cost is A. 9=;37 B. 9;37
C. 91;37 D. 9463
4?. Net p)o"it %e"o)e t( is A. 9743 B. 91437
C. 91=?37 D. 9 637
41. Budgeted cost o" )($ *(te)i(#s to %e used in p)oduction is A. 9?31 C. 9361 B. 91636 D. 91637 4. Budgeted )($ *(te)i(#s pu)c!(ses cost is A. 9361 B. 937
C. 943=; D. 91637
44. Budgeted di)ect #(%o) is A. 93=7 B. 9443
C. 9;37 D. 9?43
46. V()i(%#e o'e)!e(d cost pe) di)ect #(%o) !ou) is A. 91.; C. 96.? B. 91.? D. 9;.6 47. 2ied o'e)!e(d cost pe) di)ect #(%o) !ou) is A. 91.; B. 91.?
C. 96.? D. 9;.6
4;. Budgeted cont)i%ution *()gin is A. 91.? B. 9.7?
C. 94.6 D. 97.
MS8; MASTER BDGET
9(ge 1 o" 11
MANAGEMENT ADVISORY SERVICES T!eo)+ 1. A . C 4. D 6. D 7. A ;. C =. B ?. A . C 1. C 11. B 1. B 14. C 16. C 17. D 1;. B 1=. D 1?. B 1. A . D
1. . 4. 6. 7. ;. =. ?. . 4. 41. 4. 44. 46.
MS8; MASTER BDGET
B C B B A D A C B B A B B D
HILARIO TAN 9)o%#e*s 1. D . C 4. D 6. A 7. D ;. B =. C ?. B . C 1. D 11. C 1. C 14. B 16. A 17. A 1;. D 1=. B 1?. B 1. D . D
1. . 4. 6. 7. ;. =. ?. . 4. 41. 4. 44. 46. 47. 4;. 4=. 4?.
D C D B C B B D A C C B C A C B C B
9(ge 11 o" 11
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