ACC 350 Week 7 Quiz 5 – TestBank

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ACC 350 Week 7 Quiz 5 Chapter 6, Master Budget and Responsibility Accounting (230 Questions and Answers)

Cost Accounting, 15e (Horngren/Datar/Rajan)

  1. Which of the following is true of a budget?
  2. Which of the following is a financial budget?
  3. Budgets are used to ________.
  4. Which of the following is true of master budgets?
  5. Operating decisions primarily deal with ________.
  6. Financing decisions primarily deal with ________.
  7. A master budget ________.
  8. Which of the following is generally expressed through a short-run budget?
  9. Which of the following statements is true of budgets?
  10. A master budget forces managers to examine the business as they plan, so they can ________.
  11. A budget is the quantitative expression of a proposed plan of action by management for a specified period.
  12. A budget generally includes both financial and nonfinancial aspects of the plan.
  13. An organization’s strategy matches its capabilities with the opportunities in the marketplace to accomplish its objectives.
  14. Budgeting includes only the financial aspects of the plan and NOT any nonfinancial aspects such as the number of physical units manufactured.
  15. Operating plans are generally expressed through long-run budgets.
  16. A budget aids to coordinate what needs to be done to implement the proposed plan.
  17. Long-run planning and short-run planning are best performed independently of each other.
  18. Financing decisions deal with how to best use the limited resources of an organization.
  19. The feedback from budgets can lead to changes in plans and strategies.
  20. Budgeted financial statements are called pro forma statements.
  21. Describe the benefits of preparing an operating budget to an organization…………………………..Continued (65 Pages)