Which of the following is NOT a responsibility of the budget committee? a.resolve differences that may...
Which of the following is NOT a responsibility of the budget committee?
a.resolve differences that may arise as the budget is prepared
b.provide budgeting goals
c.provide policy guidelines
d.prepare actual financial statements
Homework Answers
Preparing actual financial statements is not the responsibility of the budget committee.
The answer is d.
Add Answer to:
Which of the following is NOT a responsibility of the budget
committee?
a.resolve differences that may...
Which is not a responsibility of the budget committee? a. Providing central guidance b. Preparation and development of d...
Which is not a responsibility of the budget committee? a. Providing central guidance b. Preparation and development of department budgets c. Providing continued communication of the budget to the organization d. Rejecting department budgets that do not reflect realistic amounts
Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than...
Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all. Master budget Participative budgeting Operating budgets Production budget Zero-based budgeting Strategic planning Financial budgets Slack Budget committees Rolling budget Safety stock Variance a. ▼ Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is a budget...
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...
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...
Under the responsibility center management budget model, functional entities within a business have their own goals...
Under the responsibility center management budget model, functional entities within a business have their own goals and objectives, dedicated staff, policies and procedures; do you think there are ways in which responsibility centers can negatively impact one another, or otherwise distort the financial goals of the college as a whole?
9-1 A budget a. b. c. is a long-term plan. covers at least 2 years. is only a control tool. d. is...
9-1 A budget a. b. c. is a long-term plan. covers at least 2 years. is only a control tool. d. is a short-term financial plan. e. is necessary only for large firms 9-2 Which of the following is part of the control process? Monitoring of actual activity Comparison of actual with planned activity Taking corrective action All of these. d. a. b. c. Investigating 9-3 Which of the following is not an advantage of budgeting? It provides a standard...
All the following are considered to be benefits of participative budgeting, except for: The budget estimates...
All the following are considered to be benefits of participative budgeting, except for: The budget estimates are prepared by those in directly involved in activities. Individuals at all organizational levels are included in the process, creating a better communication devise throughout the company. When managers set their own targets for the budget, top management does not need to review and oversee the targets. Managers are held responsible for reaching their goals and cannot easily shift responsibility by blaming unrealistic goals...
A budget is a plan by an individual or company for spending it resources which is...
A budget is a plan by an individual or company for spending it resources which is based on experience and future expectation of the project or business (Hilton, 2016). There are various types of budget like cash budget, performance budget, sales budget, production budgets, planning budgets, capital budgets etc. I work in multifamily property management and we use a Participative budgeting. With multifamily properties there are different costs that are associated, and the participative budgeting allows employees in the company...
Which of the following statements about direct material variances are likely to be true? Differences between...
Which of the following statements about direct material variances are likely to be true? Differences between the actual production level and budgeted (expected) production level is NOT a reason why direct materials quantity (or efficiency) variances arise. A direct materials quantity (or efficiency) variance can arise due to factors outside the production manager's control A direct materials quantity (or efficiency) variance will arise if the organisation manages to negotiate a better price for its materials compared to what it had...
1)Which of the following may appear on a flexible budget performance report? Multiple Choice An unfavorable...
1)Which of the following may appear on a flexible budget performance report? Multiple Choice An unfavorable spending variance. A favorable revenue variance. An unfavorable activity variance. All of the above may appear on a flexible budget performance report. 2) Rients Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for October....
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...
9-1 A budget a. b. c. is a long-term plan. covers at least 2 years. is only a control tool. d. is a short-term financial plan. e. is necessary only for large firms 9-2 Which of the following is part of the control process? Monitoring of actual activity Comparison of actual with planned activity Taking corrective action All of these. d. a. b. c. Investigating 9-3 Which of the following is not an advantage of budgeting? It provides a standard...
Most questions answered within 3 hours.
-
Raising a heavy load requires work. Raising it in half the time
requires:
asked 5 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 3 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 4 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 6 minutes ago -
35. When the electron in a hydrogen atom falls from its first
excited energy level to...
asked 8 minutes ago -
A man is dragging a box of mass "m" by using a rope which rests
on...
asked 24 minutes ago -
Liquid octane
(CH3(CH2)6CH3) will
react with gaseous oxygen (O2) to produce gaseous carbon
dioxide (CO2) and...
asked 25 minutes ago -
For the reaction N2(g) +
O2(g) --> 2NO(g), if the initial
concentration of NO was 0.00M...
asked 28 minutes ago -
On a recent quiz, the class mean was 75 with a standard
deviation of 2.2. Calculate...
asked 44 minutes ago -
Discuss the Coefficient of Restitution in an elastic collision
compared to the Coefficient of Restitution in...
asked 49 minutes ago -
Pretend that you are
the audit manager on an annual financial statement audit engagement
for a...
asked 58 minutes ago -
A certain lens focuses light from an object 1.65 m away as an
image 41.8 cm...
asked 58 minutes ago