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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Which of the following accounts would appear on a budgeted balance sheet? Multiple Cholce All of the choices are correct. Income tax expense. Accounts receivable. Sales commissions. Depreciation expense.
1. What is the difference between strategic and operational plans?2. What is the purpose of financial plans?3. What are the component of an operations plans?4. What are the pro forma financial statements?5. What is the percentage of sales forecasting method? What are some of the limitations financial analysis should be aware of in applying this method?6. What is a cash budget? What are the usual steps involved in preparing a cash budget?7. Explain the difference between deterministic and probabilistic financial planning models.
Which of the following describe the control aspect of the budgeting process? Please select all that apply. Rewarding the achievement of challenging targets. Checking progress towards achieving targets and objectives. Regular comparison of budgeted and actual outcomes. Investigating the causes of variations between budgeted and actual outcomes
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
It is important for institutions to budget and to further have feedback by receiving regular budgetary control reports in order to facilitate budget centres take control action. The report may or may not be detailed but ideally should contain sufficient information in order to motivate individual managers. Reports to top managers can be exceptional in nature. It is also essential for companies to conduct forecasting as they conduct their business. Required: Define the following terms: iii. Feed -back loop. Explain this as it applies in the Control Circle. iv. Identify and explain in detail features of feed- back which add value to the management of an institution.
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