Terms
TRUE/FALSE
GENERAL QUESTIONS
THE BUDGET
MIXED
100
The set of budgeted financial statements and supporting schedules for the entire organization is known as
What is the Master Budget?
100
After comparing budgets with the actual results, the feedback allows management to determine what, if any, corrective action should be taken.
What is TRUE?
100
Developing strategies, planning, acting and controlling.
What is the budget process?
100
The starting point in developing the master budget is the preparation of this.
What is the sales budget?
100
When calculating the budgeted production units, if ABC company has a budgeted sales for the first quarter of the next year to be 50,000 units. The inventory on hand at the beginning of the quarter is 15,000 units, and the ending inventory is 5,000 units. What is the calculated budgeted production for the first quarter?
What is 40,000
200
The budgeted statement of cash flows is a part of
What is the financial budget?
200
Budgeting requires management to develop overall business goals and budget for specific actions to achieve the goals.
What is TRUE?
200
A financial plan that managers use to coordinate a business's activities.
What is a budget?
200
A cash budget and the budgeted financial statements.
What is the financial budget?
200
This manager projects the direct labor costs
What is personnel manager
300
Use of information technology for the budgeting process enables management to perform
What is complex sensitivity analyses
300
Developing a budget reduces coordination and communication at different levels in an organization.
What is FALSE
300
The four budgeting objectives
What are Developing strategies, planning, acting, and controlling?
300
A budget that includes the sales budget.
What is the operating budget?
300
To calculate budgeted direct labor costs, multiply the number of units to be produced by the number of projected direct labor hours. Next multiply that total by the average units to be produced. TRUE or FALSE
What is FALSE
400
While preparing the budgeted balance sheet of a manufacturer, the amount of ending inventory of raw materials can be obtained from
What is the direct materials budget?
400
A budget represents the plans that a company has in place to achieve its goals.
What is TRUE
400
When expected revenues or expenses are overstated intentionally by management in order to have a favorable performance evaluation.
What is budgetary slack?
400
This budget helps in planning to ensure the business has adequate cash.
What is the cash budget?
400
Where the amount of accumulated depreciation for the budgeted balance sheet can be obtained from.
What is the selling and administrative expense budget or the prior balance sheet?
500
While preparing the budgeted statement of cash flows, repayment of short-term financing such as non trade notes payable is show under these activities.
What is financing activities?
500
A budgeting process shows the actual performance of the business.
What is FALSE?
500
A short term financial plan that coordinates activities needed to achieve short term goals
What is operational budget?
500
A financial plan for a specific segment of an organization.
What is a master budget?
500
October 20th a very important date!
What is the date of the next exam! Time to STUDY is NOW!!!
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