Chapter 8 ACCT

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Developing goals and preparing various budgets to achieve those goals is part of responsibility accounting planning the budget period control

Planning

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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 Budget

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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

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The first step in the budgeting process is the preparation of the _____ budget.

Sales Budget

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Gathering feedback to ensure that the plan is being followed is referred to as ____

Control

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Many of the schedules in a master budget are based on a variety of management estimates and assumptions. True False

True

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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

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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

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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

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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

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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

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The first step in the budgeting process is preparing the Blank______ budget. production direct materials cash sales

Sales Budget

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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

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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

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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

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Because it is needed for the schedule of expected cash collections, the annual master budget file includes the _____. _____ from last year

Balance Sheet

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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

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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

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In a manufacturing company, the _____ budget is prepared right after the sales budget.

Production Budget

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Working hours required to satisfy the production budget are shown on the ______ budget. cash direct labor direct materials merchandise purchases

Direct Labor Budget

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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

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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

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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

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All costs of production other than direct materials and direct labor are shown on the _______ _______ budget

Manufacturing Overhead Budget

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The cost of unsold units is computed on the ______ budget. production manufacturing overhead ending finished goods inventory sales

Ending Finished Good Inventory Budget

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The number of working hours required to satisfy the production budget is shown on the _______ _______ budget

Direct Labor Budget

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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

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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

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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

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Because it is needed for the schedule of expected cash collections, the annual master budget file includes the _____ _____ from last year

Balance Sheet

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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

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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

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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

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The ending finished goods inventory budget computes the cost of ______ units sold unsold

Unsold

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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

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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

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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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