[goforCPA]

All,

Please let me know if the”budgeted income statements” is considered a financial or operating budget. I am getting 2 answer choices from 2 different sources.

Also, is the numerator for the AP Turnover formula the “Purchases” or “COGS”?

Thanks so much!

October 2011-May 2013. Did not loose any credit!!
AUD - 73, 79
REG - 86
FAR - 72, 83
BEC - 80, last one, DONE!!

[Anonymous]

Operating Budgets: Budgeted Income Statement and Supporting Schedules

Financial Budgets: Capital Budgets, Cash Budgets, Budgeted Balance Sheet, Budgeted Statement of Cash Flow

[whitelilies04]

@Casey – I love your signature! Very clever.

FAR - passed, 11/12
AUD - passed, 5/13

[ORcpaHOPEFUL]

@ goforCPA- the numerator is purchases 🙂 should be easy to remember because A/P is accounts payable… aka you are paying for your purchases! 🙂

FAR: PASSED!! 64, 68, 79 on 2/27/13!
AUD: PASSED!! 73, 93 on 4/5/13!!!
BEC: PASSED!! 75 (phew) on 5/24/13!
REG: PASSED!!! 77 on 8/7/13 I AM DONE!!!!!

Experience: got it!
Ethics Exam: PASSED on first try (what a waste of money)

[Anonymous]

@whitelilies – Thanks!

[Author]

Replies