Accounting Smartbook ch 8

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

n a manufacturing company, which budget is used as the basis for creating the direct materials budget, the direct labor budget, and the manufacturing overhead budget?

production

Both the production and selling and administrative expense budgets are prepared using information directly from the ____ budget

sales

The first step in the budgeting process is the preparation of the____ budget.

sales

the first step in the budgeting process is preparing the ______ budget.

sales

A manager cannot complain that the budget was unrealistic and impossible to meet when a(n) ____- ____budget is in place

self - imposed

In large organizations, many smaller individual budgets submitted by department heads and other responsible people comprise the ______ budget. selling and administrative manufacturing overhead ending finished goods inventory cash

selling and administrative

Which of the following is needed to prepare a sales budget?

Both the production and selling and administrative expense budgets are prepared using information directly from the budget.

True or false: Control involves developing goals and preparing various budgets to achieve those goals.

false

The cash budget includes four major sections: receipts, disbursements, the cash excess or deficiency, and

financing, borrowing, finance, or finances

When profit targets are set by top managers, ___

goals may be unrealistically high too much slack may be allowed

Using budgeting assumptions when preparing the master budget, Blank______.

makes it easier to answer "what-if" questions

In a manufacturing company, which budget is used as the basis for creating the direct materials budget, the direct labor budget, and the manufacturing overhead budget?

Production

Which of the following budgets are directly based on information from the sales budget?

Production Selling & administrative expense

A detailed plan for the future that is usually expressed in formal quantitative terms is

a budget

Master budget schedules ______.

answer several key questions for a company are based on estimates and assumptions

Because it is needed for the schedule of expected cash collections, the annual master budget file includes the ____ ____ from last year.

balance sheet

Limitations of self-imposed budgeting include ______

budgetary slack suboptimal budget recommendations

Budgets ____.

communicate management's plan throughout the organization

When creating an Excel budget and performing what-if analysis, it is generally easiest to

create the budget with a budgeting assumption tab

Budgets___

define goals and objectives that can serve as benchmarks for evaluating subsequent performance coordinate the activities of the entire organization by integrating the plans of its various parts and the budgeting process can uncover potential bottlenecks before they occur encourage managers to think about and plan for the future

A number of separate, but interdependent, budgets that formally lay out the company's sales, production, and financial goals are contained in the ____budget

master

The amount of goods to be acquired from suppliers during the period is shown on the Blank______ budget.

merchandise purchases

If a budget initiated by top management has targets that are set too high, Blank

motivation will suffer

More accurate estimates and higher motivation are generally the result of using a(n) ______ budget.

participative

Developing goals and preparing various budgets to achieve those goals is part of Blank______,

planning

The first line of the direct labor budget consists of the budgeted units expected to be ______ during the period.

produced

In a manufacturing company, the budgets for manufacturing costs, including the direct materials budget, the direct labor budget, and the manufacturing overhead budget are all based on the ____ budget.

production

Budgetary slack occurs when a manager submits a budget that is _

too easy to attain

The ending finished goods inventory budget computes the cost of ______ units.

unsold


संबंधित स्टडी सेट्स

Chapter 2: Build-in Data Types for Programming? Part 2

View Set

What is the National Labor Relations Board, who is on it, how are they selected, and how does it work?

View Set

Epi Final Cowan 2020 Quiz Questions

View Set

Article V- Amending the Constitution

View Set