All of the following are necessary for budgets to be effective except Select one: a. Employees affected by a budget should be consulted when it is prepared. b. All budgeted amounts must be spent to ensure that budgets arent reduced for the next period c Coals should be challenging and attainable O d Managers must be aware of potential negative outcomes of budgeting. such as budgetary slack

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What is a concept of budgeting that requires all levels of management to start from zero and estimate budget data as if there had been no previous activities in their units called? Group of answer choices zero-based budgeting static budgeting cautious budgeting continuous budgeting

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1. A budget is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. a. True b. False   2. Budgets should not be used to provide managers with “pre-approval” for the execution of spending plans. a. True b. False     3. A flexible budget is not designed to change with changes in activity level. a. True b. False   4. The production budget comes before the materials purchases budget. a.True b. False   5. The starting point for the master budget is an assessment of anticipated production next year. a. False b. True

Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following is not considered a human behavior problem? Allowing employees the opportunity to be a part of the budget process Allowing goals to be so low that employees develop a "spend it or lose it" attitude Setting goals too tightly making it difficult to meet performance expectation Setting goals among managers that conflict with one another

Which of the following is not a benefit of participative budgeting?   Multiple Choice It serves as training or development for managers. It provides information that employees know but managers do not. It reduces or eliminates the need for tracking actual cost activity. It enhances employee motivation and acceptance of goals.

"Budgetary slack" occurs when: Employees refuse to adhere to budgeted plans and operations. The budget is so difficult to meet that employees slack-off from work. An authoritative, or imposed, budgeting process is used. To "meet" budget objectives, employees ask for resources in excess of what they need. Employees ask for fewer resources than they need, in order to continuously improve.

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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 attainable