bfound ch7

what is prepared near the end of the master budget process?

cash budget

gathering feedback to ensure that the plan is being followed is referred to as

controlling

the budget period is the

length of time a budget should cover

a direct consequence of using a budget to blame or pressure employees to do a better job

mistrust

the master budget consists of a

number of separate, but independent, budgets that formally lay out the company's sales. production, and financial goals

operating budgets generally cover a __ period

one-year

developing goals and preparing various budgets to achieve those goals is part of the

planning process

next budget prepared after the sales budget is prepared ?

production budget

what is not influential over the cash budget?

production budget

what budgets are dirctly influenced by the sales budget?

production budget and Selling&Admin expense budget

the idea that a manager should be accountable for only the items the manager can actually control is the basis of?

responsibility accounting

the first step in the budgeting period is the preparation of the

sales budget

A ___ &___ budget is prepared with the full cooperation of management at all levels

self-imposed & participative

a plan for acquiring and using resources over a specific period of time is referred to as?

the budget

the sales budget is a detailed schedule showing

the expected sales for the budget period

in companies that don't use a self-imposed budgeting process, who normally initiates the budgeting process by issuing profit targets

top managers

what are two characteristics of the master budget schedules

-answer several key questions for a comp -based on estimates and assumptions