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andrew-mc [135]
3 years ago
6

A----- is a plan in which an individual balances available resources and expenses.

Business
2 answers:
Simora [160]3 years ago
3 0

A<u> "budget"</u> is a plan in which an individual balances available resources and expenses.


Budgeting is the essential way that you can take control of your accounts. Basically, a budget is a composed arrangement for how you will spend your cash. You can make a month to month or a yearly spending plan. The budget enables you to settle on money related choices early, which makes it less demanding to cover every one of your costs consistently. Budgeting reliably can enable you to turn your accounts around and start to fabricate riches.

Mekhanik [1.2K]3 years ago
3 0

 

<u>A budget is a plan in which an individual balances available resources and expenses. </u>

Budget:

Budget is a plan in which the costs are already determined with available resources, and the actual expenses are matched with the determined cost. It is a pre-planned determination of the costs incurred in the future. The company maintains the budget to know the disparity between the determined costs and actual cost. If there is a disparity between it, the company tries to know the reason behind it. Budget is an instrument of measuring the cost and trying to lower the cost of production.  

Types of budget:

  • Fixed budget: Fixed budget refers to that budget in which the costsdo not change according to the quantity of units produced. The costs for a particular number of units are similar. If the production level changed over a certain limit of units of production, then the fixed budget will be changed.
  • Master budget: Master budget is a type of budget which includes all the budgets in it. The master budget includes sales budget, purchase budget, production budget, inventory budget, and cost budget.
  • Flexible budget:Flexible budget refers to that budget which changed according to the units of production. If the quantity of units produced changed; the budget is adjusted according to the units of production.

Learn more:

1. Learn more about net income

<u>brainly.com/question/10955397 </u>

2. Learn more about income and expense ( budgeting)

<u>brainly.com/question/1890422 </u>

3. Learn more about the goal of the budget

<u>brainly.com/question/1226004 </u>

Answer details:

Grade: Middle School

Subject: Accounting

Chapter:  Budgetary control  

Keywords: budget, plan, an individual, available resources, and expenses, pre-planned, disparity, measuring, lower the cost, production.

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Read 2 more answers
On April 1, Sangvikar Company had the following balances in its inventory accounts:
astra-53 [7]

Answer:

<h3>Sangvikar Company</h3>

a. Journal Entries for The April transactions:

Debit Raw materials $30,000

Credit Accounts Payable $30,000

To record the purchase of raw materials.

Debit WIP:

Job 114, $16,500

Job 115, $12,000

Job 116, $5,000

Credit Raw materials $33,500

To record the transfer of raw materials to production.

Debit WIP:

Job 114 $2,100

Job 115 $3,950

Job 116 $1,440

Credit Direct labor costs $7,490

To record the direct labor costs to WIP.

Debit WIP:

Job 114 $1,348

Job 115 $2,535

Job 116 $934

Credit Overhead $4,807

To record the overhead applied to WIP.

Debit Finished Goods Inventory $23,699

Credit WIP: Job 115 $23,699

To record the transfer of Job 115 to Finished Goods.

Debit Cost of Goods Sold $23,699

Credit Finished Goods Inventory $23,699

To record the cost of goods sold.

Debit Accounts Receivable $29,624

Credit Sales Revenue $29,624

To record the sale of Job 115 on credit.

b. Ending balances of Inventory Accounts:

Raw materials = $9,230

WIP:

Job 114 = $25,329

Job 116 =    $18,119

Total =     $43,448

Finished Goods = $8,700

c. T-Accounts:

Materials Inventory

Account Titles            Debit    Credit

Beginning balance $12,730

Accounts Payable   30,000

WIP:

Job 114                                  $16,500

Job 115                                    12,000

Job 116                                     5,000

Balance                                 $9,230

Accounts Payable

Account Titles            Debit    Credit

Raw materials                       $30,000

Work-in-Process Inventory - Job 114

Account Titles            Debit    Credit

Beginning balance  $5,381

Raw materials         16,500

Direct labor cost       2,100

Overhead applied     1,348

Balance                                $25,329

Work-in-Process Inventory - Job 115

Account Titles            Debit    Credit

Beginning balance     $5,214

Raw materials            12,000

Direct labor cost         3,950

Overhead applied      2,535

Finished Goods Inventory    $23,699

Work-in-Process Inventory - Job 116

Account Titles            Debit    Credit

Beginning balance  $10,745

Raw materials             5,000

Direct labor cost          1,440

Overhead applied         934

Balance                                   $18,119

Direct Labor Cost

Account Titles           Debit       Credit

WIP:

Job 114                                      $2,100

Job 115                                       3,950

Job 116                                        1,440

Overhead

Account Titles           Debit       Credit

WIP:

Job 114                                       $1,348

Job 115                                        2,535

Job 116                                           934

Finished Goods Inventory

Account Titles            Debit    Credit

Beginning balance  $8,700

WiP: Job 115          $23,699

Cost of Goods Sold              $23,699

Cost of Goods Sold

Account Titles         Debit      Credit

Finished Goods   $23,699

Sales Revenue

Account Titles        Debit     Credit

Accounts Receivable        $29,624

Accounts Receivable

Account Titles        Debit     Credit

Sales Revenue $29,624

Explanation:

a) Data and Calculations:

Beginning balances:

Materials Inventory $12,730

Work-in-Process Inventory 21,340

Finished Goods Inventory 8,700

Work-in-Process Inventory costs:

                              Job 114      Job 115     Job 116

Direct materials       $2,411     $2,640     $3,650

Direct labor               1,800        1,560        4,300

Applied overhead      1,170         1,014        2,795

Total                        $5,381      $5,214    $10,745

Analysis of April Transactions:

Raw materials $30,000 Accounts Payable $30,000

WIP: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000 and Raw materials $33,500

WIP: Job 114 $2,100 Job 115 $3,950, Job 116 $1,440 Direct labor costs $7,490

WIP: Job 114 $1,348 Job 115 $2,535 Job 116 $934 Overhead $4,807

Job tickets were collected and summarized (Direct labor costs):

Jobs      DLH                           DLH Costs  Overhead applied

Job 114, 150 hours at $14/hour = $2,100   $1,348  ($2,100/$7,490 *$4,807)

Job 115, 220 hours at $18/hour = $3,950  2,535 ($3,950/$7,490 *$4,807)

Job 116, 80 hours at $18/hour = $1,440         924 ($1,440/$7,490 *$4,807)

Total = 450 hours                      $7,490    $4,807

Actual Overhead = $4,807

Total direct labor costs = $7,490

Overhead rate = $0.64

Sales Revenue = $29,624 ($23,699 * 125%)

4 0
3 years ago
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