Question

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 that is continuously updated by adding months to the end of the budgeting period.

b.	▼ Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is the comprehensive planning document for the entire organization.

c.

These​ budgets, ▼ budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting ​, project both the collection and payment of cash and forecast the​ company's budgeted balance sheet.

d.	The ▼ budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting is used to forecast how many units should be made to meet the sales projections.

e.	When an organization builds its budgets from the ground​ up, it is using ▼ budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting .

f.	▼ Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is the process of setting​ long-term goals that may extend several years into the future.

g.

Managers will sometimes build ▼ budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting into their budgets to protect themselves against unanticipated expenses or lower revenues.

h.

The ▼ budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting is the difference between actual and budgeted figures and is used to evaluate how well the manager controlled operations during the period.

i.

▼ Budget committees Financial budgets Master budgets Operating budgets Participative budgeting Production budgets Rolling budgets Safety stock Slack Strategic planning Variances Zero-based budgeting are often used by companies to review submitted​ budgets, make revisions as​ needed, and approve the final budgets.

j.

▼ Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is extra inventory of finished goods that is kept on hand in case demand is higher than predicted or problems in the factory slow production.

k.	The sales budget and production budget are examples of ▼ budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting .

l.

▼ 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 budgeting process that begins with departmental managers and flows up through middle management to top management.

Answer 1

The answers are self-explanatory in nature as they are definitions of the options provided. The relevant explanation is provided as and where possible.

_____

The statements are completed as below:

a)

Rolling budget is a budget that is continuously updated by adding months to the end of the budgeting period.

_____

b)

Master budget is the comprehensive planning document for the entire organization. (it includes all types of budgets relating to business operations and finance).

_____

c)

Financial budgets​, project both the collection and payment of cash and forecast the​ company's budgeted balance sheet.

_____

d)

Production budget is used to forecast how many units should be made to meet the sales projections. (Production budget contains details of opening stock of finished goods, anticipated sales and desired ending inventory of finished goods).

_____

e)

When an organization builds its budgets from the ground​ up, it is using zero-based budgeting.

_____

f)

Strategic planning is the process of setting long term goals that may extend several years into the future.

_____

g)

Managers will sometimes build slack into their budgets to protect themselves against unanticipated expenses or lower revenues.

_____

h)

The variance is the difference between actual and budgeted figures and is used to evaluate how well the manager controlled operations during the period.

_____

i)

Budget committees are often used by companies to review submitted​ budgets, make revisions as​ needed, and approve the final budgets.

_____

j)

Safety stock is extra inventory of finished goods that is kept on hand in case demand is higher than predicted or problems in the factory slow production.

_____

k)

The sales budget and production budget are examples of operating budgets.

_____

l)

Participative budgeting is a budgeting process that begins with departmental managers and flows up through middle management to top management.