Spartan Furniture's controller wants to show managers where the firm may have shortages or surpluses of funds throughout the year so that they can anticipate when they may have to borrow money. Which type of budget does he need?
A) capital budget
B) cash budget
C) master budget
D) operating budget
E) discretionary budget
Answer: B
Explanation: B) The purpose of a cash budget is to show management where it may have cash shortages or surpluses throughout the year so that managers can anticipate when they may have to borrow money and when to repay.
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The eight phases of the joint FASB and IASB framework project are: 1 ) objective and qualitative characteristics, 2 ) elements and recognition, 3 ) presentation and disclosure, 4 ) reporting entity, 5 ) measurement, 6 ) framework for GAAP hierarchy, 7 ) applicability to the not-for-profit sector, and 8 ) any remaining issues needing to be addressed
Indicate whether the statement is true or false
Larry Bar opened a frame shop and completed these transactions:1. Larry started the shop by investing $41,500 cash and equipment valued at $19,500 in exchange for common stock. 2. Purchased $220 of office supplies on credit. 3. Paid $2700 cash for the receptionist's salary. 4. Sold a custom frame service and collected $6000 cash on the sale. 5. Completed framing services and billed the client $350. What was the balance of the cash account after these transactions were posted?
A. $45,150. B. $44,930. C. $10,930. D. $10,580. E. $44,800.
What is the purpose of internal resource analysis? In the context of internal resource analysis, what is a "key success factor"?
What will be an ideal response?
Definiteness of Terms. Southwick Homes, Ltd., develops and markets residential subdivisions. William McLinden and Ronald Coco are the primary owners of Southwick Homes. Coco is also the president of Mutual Development Co Whiteco Industries, Inc, wanted
to develop lots and sell homes in Schulien Woods, a subdivision in Crown Point, Indiana. In September 1996, Whiteco sent McLinden a letter enlisting Southwick Homes to be the project manager for the developing and marketing of the finished lots (lots where roads had been built and on which utility installation and connections to water and sewer lines were complete); the letter set out the roles and expectations of each of the parties, including the terms of payment. In October 1997, Whiteco sent Coco a letter naming Mutual Development the developer and general contractor for the houses to be built on the finished lots. A few months later, Coco told McLinden that he would not share the profits from the construction of the houses. McLinden and others filed a suit in an Indiana state court against Coco and others, claiming, in part, a breach of fiduciary duty. The defendants responded that the letter to McLinden lacked such essential terms as to render it unenforceable. What terms must an agreement include to be an enforceable contract? Did the McLinden letter include these terms? In whose favor should the court rule? Explain.