Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problem 3 Terms Definitions 1. A. A quantitative benchmark for measuring Sales forecast company achievement. Management by exception B. A budget reflecting long-range decisions of the company. 2. 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. 4. Balance sheet Performance E. A system that relates cost to organization 5. budget structure. F. An integrated statement of resource levels and their sources. 6. Objective Capital expenditures budget G. A set of statements providing broad direction for the firm. 7. H. The practice of focusing attention on those activities where the actual 8. Profit plan performance differs significantly from planned performance. I. A budget prepared after the fact, showing what costs should have been at the 9. Master budget actual level of activity J. An operating budget for a specific future period of time 10. Goals

Problem 3 Terms Definitions 1. A. A quantitative benchmark for measuring Sales forecast company achievement. Management by exception B. A budget reflecting long-range decisions of the company. 2. 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. 4. Balance sheet Performance E. A system that relates cost to organization 5. budget structure. F. An integrated statement of resource levels and their sources. 6. Objective Capital expenditures budget G. A set of statements providing broad direction for the firm. 7. H. The practice of focusing attention on those activities where the actual 8. Profit plan performance differs significantly from planned performance. I. A budget prepared after the fact, showing what costs should have been at the 9. Master budget actual level of activity J. An operating budget for a specific future period of time 10. Goals

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Answer 1, 3, 5, and 6.

the left column. Write the letter of your answer on the space provided before each number. Maintain cleanliness in your paper. Problem 3 Terms Definitions 1. A. A quantitative benchmark for measuring Sales forecast company achievement. 2. Management by exception B. A budget reflecting long-range decisions of the company. Responsibility accounting C. The most important input for budget preparation. All estimates of activity depend upon this information. D. An integrated plan of action for the firm as a whole, expressed in financial term. 4. Balance sheet Performance E. A system that relates cost to organization budget structure. F. An integrated statement of resource levels and their sources. 6. Objective G. A set of statements providing broad Сapital expenditures budget 7. direction for the firm. Profit plan H.The practice of focusing attention on those activities where the actual performance differs significantly from planned performance. 9. Master budget I. A budget prepared after the fact, showing what costs should have been at the actual level of activity 10. Goals J. An operating budget for a specific future period of time 3. 5. 8.
Transcribed Image Text:the left column. Write the letter of your answer on the space provided before each number. Maintain cleanliness in your paper. Problem 3 Terms Definitions 1. A. A quantitative benchmark for measuring Sales forecast company achievement. 2. Management by exception B. A budget reflecting long-range decisions of the company. Responsibility accounting C. The most important input for budget preparation. All estimates of activity depend upon this information. D. An integrated plan of action for the firm as a whole, expressed in financial term. 4. Balance sheet Performance E. A system that relates cost to organization budget structure. F. An integrated statement of resource levels and their sources. 6. Objective G. A set of statements providing broad Сapital expenditures budget 7. direction for the firm. Profit plan H.The practice of focusing attention on those activities where the actual performance differs significantly from planned performance. 9. Master budget I. A budget prepared after the fact, showing what costs should have been at the actual level of activity 10. Goals J. An operating budget for a specific future period of time 3. 5. 8.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Annuity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS