Problem 3 Terms Definitions 1. A. A quantitative benchmark for measuring Sales forecast company achievement. Management by exception B. A budget reflecting long-range decisions of the company. 2. Responsibility accounting C. The most important input for budget preparation. All estimates of activity depend upon this information. 3. D. An integrated plan of action for the firm as a whole, expressed in financial term. 4. Balance sheet Performance E. A system that relates cost to organization 5. budget structure. F. An integrated statement of resource levels and their sources. 6. Objective Capital expenditures budget G. A set of statements providing broad direction for the firm. 7. H. The practice of focusing attention on those activities where the actual 8. Profit plan performance differs significantly from planned performance. I. A budget prepared after the fact, showing what costs should have been at the 9. Master budget actual level of activity J. An operating budget for a specific future period of time 10. Goals
Problem 3 Terms Definitions 1. A. A quantitative benchmark for measuring Sales forecast company achievement. Management by exception B. A budget reflecting long-range decisions of the company. 2. Responsibility accounting C. The most important input for budget preparation. All estimates of activity depend upon this information. 3. D. An integrated plan of action for the firm as a whole, expressed in financial term. 4. Balance sheet Performance E. A system that relates cost to organization 5. budget structure. F. An integrated statement of resource levels and their sources. 6. Objective Capital expenditures budget G. A set of statements providing broad direction for the firm. 7. H. The practice of focusing attention on those activities where the actual 8. Profit plan performance differs significantly from planned performance. I. A budget prepared after the fact, showing what costs should have been at the 9. Master budget actual level of activity J. An operating budget for a specific future period of time 10. Goals
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter3: Cost Behavior
Section: Chapter Questions
Problem 38P: Friendly Bank is attempting to determine the cost behavior of its small business lending operations....
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