Which of the following is not an accepted principle of effective budgeting? A• Flexibility B• Top management support C• Communication of results D• Responsibility accounting
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- _______ can be defined as compelling events to go according to plan. A. Budgeting B. Management by exception C. Control D. Responsibility accounting1. The organizational process of budgeting performs several important functions. Which is true? A. Assigns decision rights B. Shares knowiedge C. Measures performance D. All of the choices are correct1. Explain the concept of responsibility accounting and its relation with budgeting.2. Explain how the choice of the type of responsibility center (cost, revenue, profit, orinvestment) affects behavior.3. Discuss the concept of “budgetary slack”
- Which function is not contained in the management accounting department? a. Cost accountingb. Financial accountingc. Budgetingd. system studye, answer not givenWhich of the following is a basic element of effective budgetary control?a. cost behavior patternsb. cost-volume-profit analysisc. standard costingd. all of the aboveWhy is a clear understanding of managements goals and objectives necessary for effective budgets?
- Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating lossesWhich among the following is a tool of management accounting? a. Risk analysis b. Budgeting c. Responsibility accounting d. All the options listedBudgets are an effective device to communicate a. objectives b. constraints c. expectation to personnel d. all of the choices
- QUESTION 1 a. State two objectives of budgetary planning and control systems. b. Describe three conditions under which the ABC system is more useful than a traditionalcosting system.Which one of the following is NOT a budgetary benefit? It establishes the organization's goal. It establishes communication between different levels of management. It reveals the organization's effectiveness. It aids in the measurement of production efficiency.Budgets are an effective device to communicate objectives constraints expectation to personnel all of the choices