FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 18 Which of the following is not the direct benefit of the budgeting process? Identification of potential bottlenecks or constraints. Goal congruence between the personal goals of managers and the goals of the organization. Payments and completion of taxes Communication throughout the organization.arrow_forwardDiscuss the factors that are likely to cause managers to submit budget estimates of sales and costs that do not represent their best estimate or expectations of what will actually occur.arrow_forwardWhich of the following is a measure of a manager’s performance working in a profit center? a. the return on investment and residual income measures b. a balance sheet c. a budget performance report d. the divisional income statementsarrow_forward
- Which function is not contained in the management accounting department? a. Cost accountingb. Financial accountingc. Budgetingd. system studye, answer not givenarrow_forwardThe successful use o a budgeting system Acceptance and support by key management people. A sense of ownership by those assigned to carry out the Correct and reasonably accurate budgets. Inclusion of "budgetary slack" in most budgets.arrow_forwardWhich one of the following is not considered to be a benefit of participative budgeting? When managers set the final targets for the budget, top management need not be concerned with the overall profitability of current operations. Managers are more motivated to reach the budget goals because they participated in setting them. Individuals at all organizational levels are recognized as being part of the team; this results in greater support of the organization. The budget estimates are prepared by those in direct contact with various activities.arrow_forward
- Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following situations will likely lead to human behavior problems? a. allowing employees the opportunity to be a part of the budget process b. setting goals too loosely, creating a budgetary slack c. setting goals that are consistent across the firm d. setting goals that are reasonable and attainablearrow_forwardWhat are some potential pitfalls in planning, budgeting, and financial forecasting and how could they affect an organization? What can a leader do to mitigate these? Is planning for future financial performance important to effectively lead an organization? Why or why not?arrow_forwardHow does budgeting help management coordinate and plan business activities?arrow_forward
- Control is the process that includes the following except: A) Provides managers a means to assess results B) Provides managers the means to prepare a budget C) Provides feedback and acts as a learning tool for future decisions D) Enables monitoring by managersarrow_forwardFinancial Accounting and Cost Management Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a…arrow_forwardHow can an organization prevent budgetary slack in the budgeting process since the bonuses of managers are tied to the budget?arrow_forward
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