Which of the following statements is false? Select one: a. According to responsibility accounting, all managers should be held responsible for all asbects of the master budget. b. Budgets helps uncover potential bottlenecks. c. Budgeting forces managers to think about and plan for the future. d. One benefit of following a well-designed budgeting process is Improved performance evaluations. e. Budgeted cash collections typically consist of collections on sales made to customers in prior periods plus collections on sales made in the current budget period. Which of the following activities would be classified as a batch-level activity? Select one: a. none of the given answer. b. Designing a new product. c. Milling a part required for the final product. d. Setting up equipment. e. Training employees.

Which of the following statements is false? Select one: a. According to responsibility accounting, all managers should be held responsible for all asbects of the master budget. b. Budgets helps uncover potential bottlenecks. c. Budgeting forces managers to think about and plan for the future. d. One benefit of following a well-designed budgeting process is Improved performance evaluations. e. Budgeted cash collections typically consist of collections on sales made to customers in prior periods plus collections on sales made in the current budget period. Which of the following activities would be classified as a batch-level activity? Select one: a. none of the given answer. b. Designing a new product. c. Milling a part required for the final product. d. Setting up equipment. e. Training employees.

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Which of the following statements is false?
Select one:
a. According to responsibility accounting, all managers should be held responsible for all asbects of the master
budget.
o b. Budgets helps uncover potential bottlenecks.
c. Budgeting forces managers to think about and plan for the future.
o d. One benefit of following a well-designed budgeting process is Improved performance evaluations.
e. Budgeted cash collections typically consist of collections on sales made to customers in prior periods plus
collections on sales made in the current budget period.
Which of the following activities would be classified as a batch-level activity?
Select one:
a. none of the given answer.
b. Designing a new product.
c. Milling a part required for the final product.
d. Setting up equipment.
e. Training employees.

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