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Chapter 8 ACCT

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Created by: linnette02

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