Answer 4,7, 8, 9 and 10. the left column. Write the letter of your answer on the space provided beforeeach number. Maintain cleanliness in your paper.Problem 3TermsDefinitions1.A. A quantitative benchmark for measuringSales forecastcompany achievement.2. Management byexceptionB. A budget reflecting long-range decisionsof the company.ResponsibilityaccountingC. The most important input for budgetpreparation. All estimates of activitydepend upon this information.D. An integrated plan of action for the firmas a whole, expressed in financial term.4.Balance sheetPerformanceE. A system that relates cost to organizationbudgetstructure.F. An integrated statement of resource levelsand their sources.6.ObjectiveG. A set of statements providing broadСapitalexpendituresbudget7.direction for the firm.Profit planH.The practice of focusing attention onthose activities where the actualperformance differs significantly fromplanned performance.9.Master budget I. A budget prepared after the fact, showingwhat costs should have been at theactual level of activity10. GoalsJ. An operating budget for a specific futureperiod of time3.5.8.

Here to discuss about the different terms of budgeting as well as accounting. To know the…

Problem 3 Definitions A. A quantitative benchmark for measuring Terms 1. Sales forecast company achievement. B. A budget reflecting long-range decisions of the company. 2. Management by exception Responsibility accounting C. The most important input for budget preparation. All estimates of activity depend upon this information. 3. D. An integrated plan of action for the firm as a whole, expressed in financial term. Balance sheet 5. Performance E. A system that relates cost to organization budget structure. 4.

Problem 3 Definitions A. A quantitative benchmark for measuring Terms 1. Sales forecast company achievement. B. A budget reflecting long-range decisions of the company. 2. Management by exception Responsibility accounting C. The most important input for budget preparation. All estimates of activity depend upon this information. 3. D. An integrated plan of action for the firm as a whole, expressed in financial term. Balance sheet 5. Performance E. A system that relates cost to organization budget structure. 4.

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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