1. Budgeting involves ________.a. establishing specific goalsb. executing plans to achieve the goalsc. periodically comparing actual results with the goalsd. All of these choices are correct.
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2. Budgeting affects all of the following managerial functions except ________.a. planningb. directingc. controllingd. None of these choices are correct.
The responsibility of developing an annual budget is normally assigned to ________.a.the CEOb. the budget committeec. the board of directorsd. the stockholders
The first step in preparing a flexible budget is to ________.a. identify the fixed and variable cost componentsb. prepare the budget for each activity levelc. identify the relevant activity levelsd. None of these choices are correct.
A budget that shows the expected results of a responsibility center for only one activity level is known as a __________ budget.a. staticb. zero-basedc. flexibled. single activity
A master budget includes ________.a. financial budgetsb. a sales budgetc. expense budgetsd. All of these choices are correct.
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The financial budgets provide information for the budgeted ________.a. income statementb. balance sheetc. statement of cash flowsd. None of these choices are correct.
All of the following are integrated into the cost of goods sold budget except the __________ budget.a) direct labor costb) direct materials purchasesc) factory overhead costd) selling and administrative expenses
The __________ is often used as the starting point for the selling and administrative expenses budget.a. sales budgetb. factory overhead cost budgetc. production budgetd. cost of goods sold budget
Which of the following formulas determines the budgeted units to be produced?a. Expected Units to Be Sold – Desired Units in Ending Inventory + Estimated Units in Beginning Inventoryb. Expected Units to Be Sold – Desired Units in Ending Inventory – Estimated Units in Beginning Inventoryc. Expected Units to Be Sold + Desired Units in Ending Inventory + Estimated Units in Beginning Inventoryd. Expected Units to Be Sold + Desired Units in Ending Inventory – Estimated Units in Beginning Inventory
d. Expected Units to Be Sold + Desired Units in Ending Inventory – Estimated Units in Beginning Inventory
All of the following budgets are considered financial budgets except the __________ budget.a. cashb. capital expendituresc. salesd. None of these choices are correct.
A budget that estimates the expected receipts (inflows) and payments (outflows) of cash for a period of time is called a __________ budget.a. salesb. capital expendituresc. cashd. None of these choices are correct.
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Principal components of a master budget includea. capital expenditures budgetb. production budgetc. sales budgetd. All of these choices are correct.
The budget process involves doing all of the following excepta. executing plans to achieve the goalsb. periodically comparing actual results with the goalsc. dismissing all managers who fail to achieve operational goals specified in the budgetd. establishing specific goals
Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following is not considered a human behavior problem?a. allowing goals to be so low that employees develop a “spend it or lose it” attitudeb. setting goals too tightly making it difficult to meet performance expectationc. allowing employees the opportunity to be a part of the budget processd. setting goals among managers that conflict with one another
When management seeks to achieve personal departmental objectives that may work to the detriment of the entire company, the manager is experiencinga. cushionsb. goal conflictc. paddingd. budgetary slack
Budgeting supports the planning process by encouraging all of the following activities excepta. requiring all organizational units to establish their goals for the upcoming periodb. directing and coordinating operations during the periodc. improving overall decision making by considering all viewpoints, options, and cost reduction possibilitiesd. increasing the motivation of managers and employees by providing agreed-upon expectations
The budget that summarizes future plans for the acquisition of fixed assets isa. production budgetb. direct materials purchases budgetc. sales budgetd. capital expenditures budget
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