Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example.
A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources.
Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans.
The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions.
"Responsibility accounting" is a concept under which managers are held accountable for transactions and events
( beyond / under ) their direct influence and control.
Some entities will follow a top-down( mandated / participative ) approach to budgeting.
A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ).
With ( incremental budgeting / zero-based budgeting ), each expenditure item must be justified for the new budget period.
The starting point for the master budget is an assessment of anticipated ( sales / production ).
A ( static budget / flexible budget ) is not designed to change with changes in activity level.
Definition Definition Summary of all functional budgets such as lower-level budgets, cash flow forecasts, budgeted financial statements, and financial plans of an organization for the upcoming period. A master budget provides the financial information of the company on a periodic basis such as monthly, quarterly, half yearly or annually.
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