ACC 350 Week 7 Quiz 5 Chapter 6, Master Budget and Responsibility Accounting (230 Questions and Answers)
Cost Accounting, 15e (Horngren/Datar/Rajan)
- Which of the following is true of a budget?
- Which of the following is a financial budget?
- Budgets are used to ________.
- Which of the following is true of master budgets?
- Operating decisions primarily deal with ________.
- Financing decisions primarily deal with ________.
- A master budget ________.
- Which of the following is generally expressed through a short-run budget?
- Which of the following statements is true of budgets?
- A master budget forces managers to examine the business as they plan, so they can ________.
- A budget is the quantitative expression of a proposed plan of action by management for a specified period.
- A budget generally includes both financial and nonfinancial aspects of the plan.
- An organization’s strategy matches its capabilities with the opportunities in the marketplace to accomplish its objectives.
- Budgeting includes only the financial aspects of the plan and NOT any nonfinancial aspects such as the number of physical units manufactured.
- Operating plans are generally expressed through long-run budgets.
- A budget aids to coordinate what needs to be done to implement the proposed plan.
- Long-run planning and short-run planning are best performed independently of each other.
- Financing decisions deal with how to best use the limited resources of an organization.
- The feedback from budgets can lead to changes in plans and strategies.
- Budgeted financial statements are called pro forma statements.
- Describe the benefits of preparing an operating budget to an organization…………………………..Continued (65 Pages)