1. Budgeting involves ________.establishing specific goalsexecuting plans to achieve the goalsperiodically comparing actual results with the goalsAll of these choices are correct. 2. Budgeting affects all of the following managerial functions except ________.planningdirectingcontrollingNone of these choices are correct.

Budgeting: The act of developing a strategy for how to spend your money is known as budgeting. A…

Answered: . Budgeting involves ________.…

. Budgeting involves ________. establishing specific goals executing plans to achieve the goals periodically comparing actual results with the goals All of these choices are correct.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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True or False 1. Budgets should not be used to motivate and reward employees. 2. Budgets play an important communication role within organizations. They provide a mechanism for managers to share expectations and priorities for the future. 3. Budgets also provide useful benchmarks for evaluating and rewarding employee performance.
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[1] The major objectives of any budget system are to A. Foster the planning of operations, provide a framework for performance evaluation, and promote communication and coordination among organization segments. B. Define responsibility centers, facilitate the fixing of blame for missed budget predictions, and ensure goal congruence between superiors and subordinates. C. Define responsibility centers, provide a framework for performance evaluation, and promote communication and coordination among organization segments. D. Foster the planning of operations, facilitate the fixing of blame for missed budget predictions, and ensure goal congruence between superiors and subordinates.
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Responsibility accounting means that a manager should be held responsible for those items in the budget which He absorbed as a result of allocation He can actually control to a significant extent His unit incurred as a committed cost All of the above Group of answer choices 1 2 3 4
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