- Why are budgets useful in the planning process?
- They enable the budget committee to earn their paycheck.
- They provide management with information about the company’s past performance.
- They help communicate goals and provide a basis for evaluation.
- They guarantee the company will be profitable if it meets its objectives.
- A common starting point in the budgeting process is
- a clean slate, with no expectations.
- expected future net income.
- past performance.
- to motivate the sales force.
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- Which of the following statements about budget acceptance in an organization is true?
- The most widely accepted budget by the organization is the one prepared by top management.
- Budgets are hardly ever accepted by anyone except top management.
- The most widely accepted budget by the organization is the one prepared by the department heads.
- Budgets have a greater chance of acceptance if all levels of management have provided input into the budgeting process.
- What is budgetary control?
- The process of providing information on budget differences to lower level managers
- Another name for a flexible budget
- The degree to which the CFO controls the budget
- The use of budgets in controlling operations
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- The comparison of differences between actual and planned results
- is done by the external auditors.
- appears on the company’s external financial statements.
- is usually done orally in departmental meetings.
- appears on periodic budget reports.
- A static budget
- should not be prepared in a company.
- is useful in evaluating a manager’s performance by comparing actual variable costs and planned variable costs.
- shows planned results at the original budgeted activity level.
- is changed only if the actual level of activity is different than originally budgeted.
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- A responsibility report should
- show only those costs that a manager can control.
- only show variable costs.
- only be prepared at the highest level of managerial responsibility.
- be prepared in accordance with generally accepted accounting principles.
- Which responsibility centers generate both revenues and costs?
- Only profit centers
- Profit and cost centers
- Cost and investment centers
- Investment and profit centers
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- The linens department of a large department store is
- an investment center.
- not a responsibility center.
- a profit center.
- a cost center.
10. What is a standard cost?
- The total number of units times the budgeted amount expected
- Any amount that appears on a budget
- The amount management thinks should be incurred to produce a good or service
- The total amount that appears on the budget for product costs
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11. Using standard costs
- increases clerical costs.
- makes employees less “cost-conscious.”
- provides a basis for evaluating cost control.
- makes management by exception more difficult.
12.Unfavorable materials price and quantity variances are generally the responsibility of the
Price Quantity
- Production department Purchasing department
- Production department Production department
- Purchasing department Purchasing department
- Purchasing department Production department
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