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Developing goals and preparing various budgets to achieve those goals is part of
responsibility accounting
planning
the budget period
control
responsibility accounting
planning
the budget period
control
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More accurate estimates and higher motivation are generally the result of using a(n) Blank______ budget.
participative
continuous
imposed
perpetual
participative
continuous
imposed
perpetual
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Chapter 8 ACCT
| Question | Answer |
|---|---|
| Developing goals and preparing various budgets to achieve those goals is part of responsibility accounting planning the budget period control | Planning |
| More accurate estimates and higher motivation are generally the result of using a(n) Blank______ budget. participative continuous imposed perpetual | Participative Budget |
| An integrated business plan that formally lays out the company's goals is called the Blank______ budget. Multiple choice question. self-imposed sales profit planning master | Master Budget |
| The first step in the budgeting process is the preparation of the _____ budget. | Sales Budget |
| Gathering feedback to ensure that the plan is being followed is referred to as ____ | Control |
| Many of the schedules in a master budget are based on a variety of management estimates and assumptions. True False | True |
| Budgets Blank______. focus on what has happened in the past primarily help managers with day-to-day emergencies communicate management's plan throughout the organization | Communicate management's plan throughout the organization |
| Recognizing individuals at all levels of the organization as team members whose views and judgments are valued by top management is an advantage of responsibility accounting a sales budget continuous budgeting self-imposed budgeting | Self-imposed budgeting |
| The annual master budget file includes the ______ from last year because it is needed for the schedule of expected cash collections. balance sheet income statement cash budget sales budget | Balance Sheet |
| A number of separate, but interdependent, budgets that formally lay out the company's sales, production, and financial goals are contained in the ____ budget | Master Budget |
| When creating an Excel budgt. & performing what-if analysis, it is generally easiest to copy the master budget and make change to the copy only adjust data inputs within each master budget sched. create the budget with a budgeting assumption tab | Create the budget with a budgeting assumption tab |
| The first step in the budgeting process is preparing the Blank______ budget. production direct materials cash sales | Sales Budget |
| Master budget schedules ______. are based on estimates and assumptions answer several key questions for a company may be prepared in any order | are based on estimates and assumptions answer several key questions for a company |
| In a manufacturing company, the ______ budget shows the number of units that must be manufactured to satisfy sales needs and provide for the desired ending inventory. sales cash production direct materials | Production |
| A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period is called a(n) ___ budget. | Merchandise Purchase Budget |
| Because it is needed for the schedule of expected cash collections, the annual master budget file includes the _____. _____ from last year | Balance Sheet |
| Using budgeting assumptions when preparing the master budget, ______. involves adjusting data inputs within each master budget schedule makes it easier to answer "what-if" questions increases the complexity of the process | makes it easier to answer "what-if" questions |
| In a manufacturing company, the ______. _______ budget details the raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories. ( | Direct Materials Budget |
| In a manufacturing company, the _____ budget is prepared right after the sales budget. | Production Budget |
| Working hours required to satisfy the production budget are shown on the ______ budget. cash direct labor direct materials merchandise purchases | Direct Labor Budget |
| The amount of goods to be acquired from suppliers during the period is shown on the ______ budget. merchandise purchases sales manufacturing overhead direct labor | Merchandise Purchases |
| The annual master budget file includes the Blank______ from last year because it is needed for the schedule of expected cash collections. cash budget sales budget income statement balance sheet | Balance Sheet |
| In a manufacturing company, the ______ budget details the raw materials that must be purchased to fulfill the production budget and provide for adequate inventories sales merchandise purchases production direct materials | Direct Materials Budget |
| All costs of production other than direct materials and direct labor are shown on the _______ _______ budget | Manufacturing Overhead Budget |
| The cost of unsold units is computed on the ______ budget. production manufacturing overhead ending finished goods inventory sales | Ending Finished Good Inventory Budget |
| The number of working hours required to satisfy the production budget is shown on the _______ _______ budget | Direct Labor Budget |
| In large organizations, many smaller individual budgets submitted by department heads and other responsible people comprise the ______ budget. cash selling and administrative ending finished goods inventory manufacturing overhead | Selling and Administrative Budget |
| A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period is called a(n) _____ _____budget | Merchandise Purchases Budget |
| A company can repay outstanding principal and interest when ______ the $ excess is greater than the min. requrd. cash balance the $ excess = the min. required $ balance there is a cash defic. the $ excess is less than the min. required cash balance | the cash excess is greater than the minimum required cash balance |
| Because it is needed for the schedule of expected cash collections, the annual master budget file includes the _____ _____ from last year | Balance Sheet |
| Which of the following budgets shows the company's planned profit and serves as a benchmark against which subsequent company performance can be measured? Budg income statement Budget selling and administrative expenses MO budg Budg balance sheet | Budgeted Income Statement |
| All costs of production other than direct materials and direct labor are shown on the ______ budget. ending finished goods inventory cash manufacturing overhead merchandise purchases | Manufacturing Overhead Budget |
| To prepare a budgeted balance sheet as of December 31, 2021, data is needed from the ______ December 31, 2020. balance sheet as of income statement for the year ended statement of cash flows for the year ended | Balance Sheet as of |
| The ending finished goods inventory budget computes the cost of ______ units sold unsold | Unsold |
| Budgeted expenses for areas other than manufacturing are shown on the ______ budget. selling and administrative ending finished goods inventory manufacturing overhead cash | Selling and Administrative |
| A company's planned net profit that serves as a benchmark against which subsequent company performance can be measured is shown on the budgeted _____ ______ | Income Statement |
| A budgeted balance sheet is developed using data from the ______ of the budget period and data contained in the various schedules. average beginning end | Beginning |
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linnette02