nich of the following statements is true? Multiple Choice A flexible budget is an estimate of what revenues and costs should have been given the planned level of activity for the period. A flexible budget is a comparison of actual revenues and costs to what they should have been given the planned level of activity. A flexible budget is a comparison of actual revenues and costs at the actual level of activity to the actual revenues and costs incurred at the planned level of activity A flexible budget is an estimate of what revenues and costs should have been given the actual level of activity for the period.

nich of the following statements is true? Multiple Choice A flexible budget is an estimate of what revenues and costs should have been given the planned level of activity for the period. A flexible budget is a comparison of actual revenues and costs to what they should have been given the planned level of activity. A flexible budget is a comparison of actual revenues and costs at the actual level of activity to the actual revenues and costs incurred at the planned level of activity A flexible budget is an estimate of what revenues and costs should have been given the actual level of activity for the period.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11MC: Which of the following statements is not correct? A. The sales budget is computed by multiplying...

See similar textbooks

Similar questions

Which budget evaluates the results of operations at the actual level of activity? capĂtal budget cash budget flexible budget static budget
Fill in the blanks: A flexible budget summarizes _____ and _____ for various volume levels by adjusting the _____ costs for the various levels of activities. The costs remain the same for all levels of activities.
Which of the operating budgets is prepared first? A. production budget B. sales budget C. cash received budget D. cash payments budget
Why might a rolling budget require more management participation than an annual budget?
Which of the following is an operating budget? A. cash budget B. production budget C. tax budget D. capital budget
Which of the following includes only financial budgets? capital asset budget, budgeted income statement, sales budget production budget, capital asset budget, budgeted balance sheet cash budget, budgeted balance sheet, capital asset budget budgeted income statement, direct material purchases budget, cash budget
Explain zero-based budgeting and how it differs from the traditional approach to preparing next years budget.
Which of the following statements is not correct? A. The sales budget is computed by multiplying estimated sales by the sales price. B. The production budget begins with the sales estimated for each period. C. The direct materials budget begins with the sales estimated for each period. D. The sales budget is typically the first budget prepared.
Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.
Which of the following is not an operating budget? A. sales budget B. production budget C. direct labor budget D. cash budget
How would a human resources department use information in the operating budgets?
Which approach is most likely to result in employee buy-in to the budget? A. top-down approach B. bottom-up approach C. total participation approach D. basing the budget on the prior year