Theincludes all other budgets to present acomplete and comprehensive view of the company'sfinancial position.A) zero-based budgetO B) master budgetO C) operating budgetO D) financial budgetO E) capital budget

Budgets are the statements prepared to estimate the future revenues and expenses.

Answered: The includes all other budgets to…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 8MC: Which of the operating budgets is prepared first? A. production budget B. sales budget C. cash...

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Which of the operating budgets is prepared first? A. production budget B. sales budget C. cash received budget D. cash payments budget
Which of the following is not an operating budget? A. sales budget B. production budget C. direct labor budget D. cash budget
Explain zero-based budgeting and how it differs from the traditional approach to preparing next years 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 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 describes the order in which the four types of budgets must be prepared? a. Production, sales, direct materials purchases, cash received on account b. Sales, production, direct materials purchases, cash budget c. Cash receipts, direct labor, production, sales d. Sales, direct materials purchases, production, cash disbursements
Which approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgeting
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.
(Management Accounting) In practice, when developing a budget, two extremes used for guidance are ________ and ________. A) participative budget; zero-base budget B) strategic budget; long-range budget C) financial planning budget; strategic budget D) zero-base budget; activities of current or prior period
Which one of the following is the incorrect statement regarding Budgets? Select one: a. Budget is qualitative statement of policy b. All are correct statement regarding budget. C. Budget is a predetermined statement d. Budget prepared for a defined period of time
The process of preparing a master budget ends with a review and analysis of the organization's strategic goals and long-term objectives. True or False please don't provide pl
Which of the following includes only financial budgets?A. capital asset budget, budgeted income statement, sales budgetB. production budget, capital asset budget, budgeted balance sheetC. cash budget, budgeted balance sheet, capital asset budgetD. budgeted income statement, direct material purchases budget, cash budget

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The includes all other budgets to present a complete and comprehensive view of the company's financial position. A) zero-based budget O B) master budget O C) operating budget O D) financial budget O E) capital budget