II. MATCHINGTYPE. Match the definitions enumerated on the right column with the terms on the left column. 1. Salesforecast A. A quantitative benchmark for measuring company achievement. 2. Managementbyexception B. A budget reflecting long-rangedecisions of the company. 3. Responsibilityaccounting C. The most important input forbudget preparation. All estimates of activity depend upon this information. 4. Statement offinancialposition D. An integrated plan of action for thefirm as a whole, expressed in financial term. 5. Performancebudget E. A system that relates costs to organizational structure. 6. Objective F. An integrated statement ofresource levels and theirsources. 7. Capitalexpendituresbudget G. A set of statements providingbroad direction for the firm. 8. Profitplan I. The practice of focusing attention on those activities where the actual performance differs significantly from plannedperformance. 9. Masterbudget J. A budget prepared after the fact, showing what cost should have beenat the actual level ofactivity. 10. Goals K. An operating budget for a specific future period oftime

II. MATCHINGTYPE. Match the definitions enumerated on the right column with the terms on the left column. 1. Salesforecast A. A quantitative benchmark for measuring company achievement. 2. Managementbyexception B. A budget reflecting long-rangedecisions of the company. 3. Responsibilityaccounting C. The most important input forbudget preparation. All estimates of activity depend upon this information. 4. Statement offinancialposition D. An integrated plan of action for thefirm as a whole, expressed in financial term. 5. Performancebudget E. A system that relates costs to organizational structure. 6. Objective F. An integrated statement ofresource levels and theirsources. 7. Capitalexpendituresbudget G. A set of statements providingbroad direction for the firm. 8. Profitplan I. The practice of focusing attention on those activities where the actual performance differs significantly from plannedperformance. 9. Masterbudget J. A budget prepared after the fact, showing what cost should have beenat the actual level ofactivity. 10. Goals K. An operating budget for a specific future period oftime

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 31P: The actions listed next are associated with either an activity-based operational control system or a...

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Similar questions

Compare and contrast short- and long-term goals for a company. Give an example of each, and explain why they are important for performance measurement systems.
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A Box Scorecard was prepared for a value stream: Required: 1. How many nonfinancial measures are used to evaluate performance? Why are nonfinancial measures used? 2. Classify the operational measures as time-based, quality-based, or efficiency-based. Discuss the significance of each category for lean manufacturing. 3. What is the role of the Planned Future State column? 4. Discuss the capacity category and explain the meaning of each measure and its significance. 5. Discuss the relationship between the financial measures and the measures in the operational and capacity categories.
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