8. When a budget is updated at every incremental budget period, the process is called:a. Participative budgetingb. Continuous budgetingc. Capital budgetingd. Zero-based budgetinge. None of the above

Choosing the Right AnswerThe correct answer is:b. Continuous budgetingExplanation:Here's the…

Answered: 8. When a budget is updated at every…

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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10. The master budget is a comprehensive document specifying sales targets, production activities, and financing actions. a. True b. False
A flexible budget is a series of static budgets at different levels of activities. Select one: True False
Ma1. Which of the following statements is true? A. Budget reports comparing actual results with planned objectives should be prepared only once a year B. OA static budget is most useful for evaluating a manager's performance in controlling variable costs C. The master budget is not used in the budgetary control process D. OA static budget ignores data for different levels of activity
What is a concept of budgeting that requires all levels of management to start from zero and estimate budget data as if there had been no previous activities in their units called? Group of answer choices zero-based budgeting static budgeting cautious budgeting continuous budgeting
1. A budget is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. a. True b. False 2. Budgets should not be used to provide managers with “pre-approval” for the execution of spending plans. a. True b. False 3. A flexible budget is not designed to change with changes in activity level. a. True b. False 4. The production budget comes before the materials purchases budget. a.True b. False 5. The starting point for the master budget is an assessment of anticipated production next year. a. False b. True
In your own words, Define the following terms they relate to spending budgeted dollars obligated amount pipeline obligation burn rate
1. The following is true of the operational budget, except for: Select one: a. It has a short-term focus, usually one-year b. It sets a plan for the purchase of assets c It is concerned with the cash effect of sales and expenses d. It contains a production budget
2. Which of the following budgets will typically have the longest budget period? a. Capital expenditures budget b. Cash budget c. Sales budget d. Budgeted income statement
Which of the following budgets allows for adjustments in activity levels? a. zero-based budget b. continuous budget c. static budget Od. flexible budget
Which of the following items do you need to have available to develop a budget? a) Prior period operating results b) Assumptions of next period operations c) Goals d) All of the above 0.000.
1. Explain how operating budgets are prepared. 2. Explain the importance of preparing an operating budget.
In the budget preparation cycle, the first budget to be prepared is usually the: a) Production budgetb) Direct materials budget c) Direct labour budgetd) None of the above

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8. When a budget is updated at every incremental budget period, the process is called: a. Participative budgeting b. Continuous budgeting c. Capital budgeting d. Zero-based budgeting e. None of the above