Fundementals Of Cost Accounting Seventh Edition-McGraw Hill- ACCT521 CH 13 QUESTIONS Week 6

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Apr 3, 2024

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The financial plan of the revenues and resources needed to carry out activities and meet financial goals is called a(n) budget Blank 1 Blank 1 budget , Correct Unavailable. (Enter only one word per blank.) Correct Answer  Blank 1: budget Strengths of a company that enable it to outperform competitors are Blank______. Multiple choice question. strategic long-range plans organization goals profit plans critical success factors correct Correct Answer critical success factors Major components of a master budget are the Blank______. Multiple select question. financial trend analysis strategic long-range profit plan correct organization goals correct tactical short-range profit plan correct Correct Answer  strategic long-range profit plan  organization goals  tactical short-range profit plan A company's broad objectives established by management that employees work to achieve are Blank______. Multiple choice question.

critical success factors organizational goals correct strategic long-range plans econometric models Correct Answer organizational goals A statement detailing steps to take to achieve a company's organization goals is called a(n) Strategic Blank 1 Blank 1 Strategic , Correct Unavailable long Blank 2 Blank 2 long , Correct Unavailable- range Blank 3 Blank 3 range , Correct Unavailable plan. (Enter only one word per blank.) Correct Answer  Blank 1: strategic  Blank 2: long  Blank 3: range The profit plan is the Blank______ portion of the master budget. Multiple choice question. balance sheet statement of retained earnings statement of cash flows income statement correct Correct Answer income statement The strengths of a company that enable it to outperform competitors are their critical Blank 1 Blank 1 critical , Correct Unavailable success Blank 2 Blank 2 success , Correct Unavailable factors. (Enter only one word per blank.) Correct Answer  Blank 1: critical

 Blank 2: success Budgets should Blank______. Multiple choice question. be viewed in purely quantitative, technical terms Reason: While this can happen, it should not. consider the importance of the human factor correct Correct Answer consider the importance of the human factor A financial plan of an organization for the coming year or other planning period is called a(n) master Blank 1 Blank 1 master , Correct Unavailable budget. (Enter only one word per blank.) Correct Answer  Blank 1: master, planning, or static Participative budgeting Blank______. Multiple select question. yields information that managers do not know correct can serve a management training or development role incorrect involves using input from lower and middle management correct saves time and costs during the budgeting process Reason: The obvious cost of participative budgeting is that it is time-consuming. enhances employee motivation correct Correct Answer  yields information that managers do not know

 can serve a management training or development role  involves using input from lower and middle management  enhances employee motivation A company's broad objectives established by management that employees work to achieve are called Organization Blank 1 Blank 1 Organization , Correct Unavailable goals Blank 2 Blank 2 goals , Correct Unavailable. (Enter only one word per blank.) Correct Answer  Blank 1: organizational, organization, or organisational  Blank 2: goals or goal Which of the following statements are correct? Multiple select question. The master budget generally provides detailed figures for the upcoming 2 - 3 fiscal years. Reason: Detailed figures are generally provided for just the coming fiscal year. Final budget approvals are made shortly before the fiscal year begins. correct Reason: Final budget approvals are made one month to six weeks before the beginning of the fiscal year. The master budget must be prepared prior to the organizational goals, strategies, and long-range plans. Budgeting is an ongoing process in most companies. correct Correct Answer  Final budget approvals are made shortly before the fiscal year begins.  Budgeting is an ongoing process in most companies. Which of the following are true of strategic long-range plans? Multiple select question.

They are the financial plans of an organization for the coming year or other planning period. Reason: This is a master budget. They are statements detailing steps to take to achieve a company's organizational goals. correct They usually span one year or less. They are usually stated in rather broad terms. correct Correct Answer  They are statements detailing steps to take to achieve a company's organizational goals.  They are usually stated in rather broad terms. Many companies begin preparation of the master budget with the sales budget because, for many organizations, sales are most Blank______. Multiple choice question. definite uncertain correct controllable Correct Answer uncertain Terms for a master budget include Blank______. Multiple select question. budget plan correct profit plan planning budget correct static budget correct Correct Answer  budget plan

 planning budget  static budget In most firms, forecasting Blank______ is the most difficult aspect of budgeting. Multiple choice question. equipment needs production sales correct labor costs Correct Answer sales Budget preparation rests on Blank______ estimates of an unknown future. Multiple choice question. quantitative human correct technical Correct Answer human The sales staff Blank______. Multiple select question. have an incentive to provide the most accurate forecast Reason: They may have an incentive to bias the forecast due to future evaluation. is generally evaluated, at least in part, on the sales budget correct may possess the best information about customer needs correct Correct Answer  is generally evaluated, at least in part, on the sales budget  may possess the best information about customer needs

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