Chapter 8_ Master Budgeting

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School

Houston Community College *

*We aren’t endorsed by this school

Course

2302

Subject

Accounting

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by GeneralStar5929

1/ Developing goals and preparing various budgets to achieve those goals is part of - planning 2/Budgets -communicate management's plan throughout the organization 3/ Recognizing individuals at all levels of the organization as team members whose views and judgments are valued by top management is an advantage of - self-imposed budgeting 4/ An integrated business plan that formally lays out the company's goals is called the -master 5/The first step in the budgeting process is preparing the -sales 6/Developing goals and preparing various budgets to achieve those goals is part of the process - planning 7/ Master budget schedules Blank _ -are based on estimates and assumptions answer several key questions for a compan 8/ Identify the true statements about budgets. - They coordinate the activities of the entire organization by integrating the plans of its various parts. They encourage managers to think about and plan for the future. The budgeting process can uncover potential bottlenecks before they occur. They define goals and objectives that can serve as benchmarks for evaluating subsequent performance. 9/Because it is needed for the schedule of expected cash collections, the annual master budget file includes the -balance - sheet 10/ A manager cannot complain that the budget was unrealistic and impossible to meet when a(n) - budget, or a participative budget, is in place. -self - imposed 11/ When creating an Excel budget and performing what-if analysis, it is generally easiest to -create the budget with a budgeting assumption tab 12/ A number of separate, but interdependent, budgets that formally lay out the company's sales, production, and financial goals are contained in the - master, static, or planning - 13/Because all other parts of the budget depend on it, if the Blank ______ budget is inaccurate, the rest of the budget will be inaccur -sales

14/In a manufacturing company, the Blank ______ budget shows the number of units that must be manufactured to satisfy sales needs and provide for the desired ending inventory. -production 15/ Many of the schedules in a master budget are based on a variety of management estimates and assumptions. - True 16/ 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) -merchandise -purchases .17/ The annual master budget file includes the Blank ______ from last year because it is needed for the schedule of expected cash collections. - balance sheet 18/ 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 or material 19/ Using budgeting assumptions when preparing the master budget, -makes it easier to answer "what-if" questions 20/Working hours required to satisfy the production budget are shown on the Blank ______ budget -direct labor 21/ 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. - production 22/a ll costs of production other than direct materials and direct labor are shown on the -manufacturing -overhead 23/The amount of goods to be acquired from suppliers during the period is shown on the Blank ______ budget. -merchandise purchases 24/ The ending finished goods inventory budget computes the cost of -unsold 25/______ budget details the raw materials that must be purchased to fulfill the production budget and provide for adequate inventories - direct materials 26/ In large organizations, many smaller individual budgets submitted by department heads and other responsible people comprise the - selling and administrative 27/ The number of working hours required to satisfy the production budget is shown on the budget. -direct

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