Budgeted income statement, budgeted balance sheet
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1. The budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows comprise:
A. the final portion of the master budget.
B. the depiction of an organization's overall actual financial results.
C. the first step of the master budget.
D. the portion of the master budget prepared after the sales forecast and before the remainder of the operational budgets.
E. the second step of the master budget.
2. If a company has an unfavorable direct-material quantity variance, then:
A. the direct-material price variance is favorable.
B. the total direct-material variance is unfavorable.
C. the total direct-material variance is favorable.
D. the direct-labor efficiency variance is unfavorable
E. any of the above situations can occur.
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