Homework Answers
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Answer) None of these is true Explanation -Master budget consists of sales ,production and material budgets and also includes financial budgeted statements.It is used by top managment for planning purpose. |
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Which of the following statements is (are) true regarding the master budget? (A) A master budget...
True or False: A production budget is not needed for a service organization. True or False:...
True or False: A production budget is not needed for a service organization. True or False: A master budget consists of (a) organizational goals, (b) strategic long-range profit plan, and (c) tactical short-range profit plan. True or False: Individual managers' beliefs and expectations are incorporated into the budgeting process using grass roots budgeting procedures. True or False: The sales budget drives the rest of the budgeting process for both manufacturers and merchandisers.
1. Managers in a cost center are held responsible for both the costs and volumes of...
1. Managers in a cost center are held responsible for both the costs and volumes of inputs used to produce a product or provide a service. True False 2. Properly designed management control systems have both fixed compensation and contingent compensation. True False 3. Properly designed management control systems will eliminate fraudulent behavior by maximizing goal congruence within the organization. True False 4. A master budget consists of a one-year plan linked to (a) organizational goals, (b) strategic long-range profit...
Indicate whether the following statements are true or false: 1. A budget is a formal written...
Indicate whether the following statements are true or false: 1. A budget is a formal written statement in financial terms of management's plans for a specified future time period. A budget is prepared only once a year. 2. 3. A budget requires all levels of management to plan ahead and to formalize goals on a recurring basis. 4. The budget is an important basis for evaluating performance. 5. The "top-down" approach to budgeting is called participative budgeting. 6. Budgeting and...
All of the following statements are true regarding the Income Statement except? Multiple Choice C) The...
All of the following statements are true regarding the Income Statement except? Multiple Choice C) The net income for net loss) generated on the Income Statement appears at the top of the company's year-end balance sheet 0 The Income Statement may also be called the earnings statement. The measurement of income is not absolutely accurate or precise due to assumptions and estimates. 0 The Income Statement only includes those events that have been evidenced by actual business transactions.
A component of a master budget that provides an estimate of an organization's profitability during a future period is t...
A component of a master budget that provides an estimate of an organization's profitability during a future period is the Multiple Choice O Budgeted Income Statement O Cash Budget O Sales Budget O Budgeted Balance Sheet
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. The Manufacturing Overhead Budget is prepared after the Sales Budget. The basic idea underlying responsibility accounting is that a manager should be...
Which of the following statements regarding financial reports is correct?
Which of the following statements regarding financial reports is correct?Select one:a. A balance sheet contains assets, liabilities, and stockholders' equity informationb. A statement of stockholders' equity reports revenues, net income, and expense informationc. An income statement shows revenues and dividends.d. A statement of cash flows shows cash inflows and outflows from operating investing, and manufacturing activities
Which of the following statements regarding Management's Discussion and Analysis is true? Multipl...
Which of the following statements regarding Management's Discussion and Analysis is true? Multiple Choice A) MD&A is required only for Proprietary Fund Financial Statements. B) MD&A is reported in the statistical section of the annual report. C) MD&A is required for comprehensive annual financial reports. D) MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources. E) MD&A is an optional inclusion for state and local government financial statements.
The order in which the financial statements are prepared is:
The order in which the financial statements are prepared is:Multiple Choicebalance sheet, statement of cash flows, statement of retained earnings, income statement.income statement, balance sheet, statement of retained earnings, statement of cash flows.balance sheet, Income statement, statement of retained earnings, statement of cash flows.income statement, statement of retained earnings, balance sheet, statement of cash flows.Net income appears on which of the following financial statements?Multiple Choiceincome statement and statement of retained earningsBalance sheet and statement of retained earnings.Balance sheet and income...
The budget committee consists of a. senior managers, including the CEO and CFO. b. representatives from...
The budget committee consists of a. senior managers, including the CEO and CFO. b. representatives from the stockholders and suppliers. c. a company's stockholders. d. all employees interested in providing input to the budgeting process. 1 points Question 2 Which of the following is not typically a part of the master budget? a. Direct material purchases budget b. Performance report budget c. Projected cash receipts and disbursements d. Budgeted balance sheet 1 points Question 3 Managers may be tempted to...
Indicate whether the following statements are true or false: 1. A budget is a formal written statement in financial terms of management's plans for a specified future time period. A budget is prepared only once a year. 2. 3. A budget requires all levels of management to plan ahead and to formalize goals on a recurring basis. 4. The budget is an important basis for evaluating performance. 5. The "top-down" approach to budgeting is called participative budgeting. 6. Budgeting and...
All of the following statements are true regarding the Income Statement except? Multiple Choice C) The net income for net loss) generated on the Income Statement appears at the top of the company's year-end balance sheet 0 The Income Statement may also be called the earnings statement. The measurement of income is not absolutely accurate or precise due to assumptions and estimates. 0 The Income Statement only includes those events that have been evidenced by actual business transactions.
A component of a master budget that provides an estimate of an organization's profitability during a future period is the Multiple Choice O Budgeted Income Statement O Cash Budget O Sales Budget O Budgeted Balance Sheet
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