The first budget customarily prepared as part of an entity's master budget is the:
A) production budget
B) cash budget
C) sales budget
D) direct materials purchases
C
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What two broad purposes do closing entries serve?
Which of the following is least likely to be a core competency of a fast-food restaurant chain?
a. Cost reduction leading to low-cost product b. Inventory control to ensure adequate product availability c. Flexibility to allow customers many customized product offerings d. Quick preparation of product
What do an online travel agency, a limousine service, and a railroad have in common?
A. They are all people-based services. B. None of them has a problem with idle production capacity. C. They are all strictly tangible services. D. They all require skilled operators. E. They are all equipment-based services.
Which of the following best describes wholesalers?
A. Organizations that buy products from producers and sell them to retailers B. Individuals or organizations that purchase products and then resell them to other businesses and consumers C. Organizations or individuals who buy products for resale to government, reseller, producer, and institutional users D. Organizations or entities that buy products from government, reseller, and producer users and sell them to customers in bulk E. Companies that make products that have a general appeal and are resold to retailers for a profit