Chapter _7 - Immunity Quiz Solutions for Fall 2009

Chapter _7 - Immunity Quiz Solutions for Fall 2009 -...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter #7 – Quiz Profit Planning Name: ________________________________ True or False : Enter a T or a F in the blank to indicate whether the statement is true or false ____ T ___ 1. The usual starting point is to forecast sales. A sales forecast is the basis for the company’s sales budget. The sales budget, in turn, is the basis for most of the other parts of the master budget. ____ F ____ 2. A self-imposed budget is one prepared by top management an imposed on other management levels as it is passed downward through the organization. A self-imposed budget is one in which a manager prepares his or her own budget estimates. ____ F ____ 3. Budgets are planning devices rather than control devices. Budgeting involves both planning and control. Once a budget is set, it then becomes a control device. It is the benchmark for assessing actual results. ____ T ____ 4. The basic idea behind responsibility accounting is that each manager’s performance should be judged by how well he or she manages those items under his or her control. This is a clear, straightforward statement of the purpose of responsibility
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Chapter _7 - Immunity Quiz Solutions for Fall 2009 -...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online