Which of the following statements about budgeting is incorrect? a. Budgets provide direction and coordination b. Budgets motivate staff c. A budget is a financial plan. d. A budget looks back and review performance.
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- Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating lossesIf management is being evaluated on their ability to manage a budget, what can they do to decrease cash outflow?Which of the following statements is true? I. To provide a basis for comparison of actual performance is one primary purpose of budgeting. II. Ineffective budgets and/or control systems are characterized by the use of budgets as a planning tool only and disregarding them for control purposes III. For better management acceptance, the flow of data to be used for budgeting should begin with Lower levels of management IV. Actual results need not be compared with plan, since the process ends after budget is approved.
- Which of the following statements is true? I. To provide a basis for comparison of actual performance is one primary purpose of budgeting. II. Ineffective budgets and/or control systems are characterized by the use of budgets as a planning tool only and disregarding them for control purposes III. For better management acceptance, the flow of data to be used for budgeting should begin with Lower levels of management IV. Actual results need not be compared with plan, since the process ends after budget is approved. a. I and II b. II and III c. III and IV d. None of the aboveWhich of the following is true of budgeting? a.Budgeting relies on the control cycle to design the planning cycle for future action. b.Budgeting eradicates the need for keeping a buffer against uncertainties in demand. c.Budgeting focuses only on long-term objectives as covered by the planning cycle. d.Budgeting forces management to plan for the future. e.Budgeting creates a plan of action only in terms of production units.The budgeting process does not involve which of the following activities? a. periodic comparison of actual results to goals b. increased marketing efforts to boost sales c. execution of plans to achieve goals d. establishment of specific goals
- Which of the following is not the key purpose of budget: Planning Controlling and Administering Reporting and evaluating Maximizing the profitWhich 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 timeIdentify the false statement related to elements of budgeting: a. System of reporting should be made optional. b. Availability of working capital should be ensured. c. Good system of accounting should be maintained. d. Authority and responsibility should be properly fixed
- Which of the following is NOT true of the budgeting process? Question 8 options: Budgeting provides feedback to management to aid in assessing how well it's reaching its goals. Budgets force managers to plan for the future. Budgets force managers to consider relations among operations across the entire value chain. The performance report is prepared as part of the master budget.The accountant perspective of the budget views the budget as a rational decision-making tool? True or false1. Explain the concept of responsibility accounting and its relation with budgeting.2. Explain how the choice of the type of responsibility center (cost, revenue, profit, orinvestment) affects behavior.3. Discuss the concept of “budgetary slack”
