1. If a company uses participative budgeting, which group should prepare the initial set of budget dollar amounts? a. Budget committee b. Operating department managers c. Top management d. Accounting department
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- Explain how a budgeted income statement for a service business may be used for both planning and control purposes.How would a human resources department use information in the operating budgets?Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.
- A company has prepared the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Identify the document that contains each of these balances. A. cash B. accounts receivable C. finished goods inventory D. accounts payable E. equipment purchasesWhich of the operating budgets is prepared first? A. production budget B. sales budget C. cash received budget D. cash payments budgetWhich budget is the starting point in preparing financial budgets? the budgeted income statement the budgeted balance sheet the capital expense budget the cash receipts budget
- Which of the following includes only financial budgets? capital asset budget, budgeted income statement, sales budget production budget, capital asset budget, budgeted balance sheet cash budget, budgeted balance sheet, capital asset budget budgeted income statement, direct material purchases budget, cash budgetIf management is being evaluated on their ability to manage a budget, what can they do to increase cash flow?What is the process for developing a budgeted balance sheet?
- A budget: A.is used to determine if a product should be continued or discontinued B.complies actual costs for a given period C.quantifies management's plans D.determines and evaluates the cost of specific products or activities in a business1. How is the financial plan and budget related to a company’s strategic plan? 2. How do the various functional departments of an organization use financial planning (i.e. marketing, operations, sales, executive management, finance, etc.)?A master budget consists of A. An interrelated long-term plan and operating budgets B. Financial budgets and a long-term plan C. All the accounting journals and ledgers used by a company
