ch 20 practice quiz 2

ch 20 practice quiz 2 - Lauren c20 after 1. a. b. c. d....

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Lauren c20 after 1. Participative budgeting is the key to a successful budgeting process because a. senior executives set goals and expect all employees to implement them. b. the budget director prepares the master budget and its supporting budgets. c. middle managers prepare the budgets; top managers are involved only with strategic planning. d. personnel at all levels of the organization take a meaningful and active part in the creation of the budget. 2. TF An annual operating plan identifies a company’s short-term goals. 3. Using budgets to assess performance is usually done in which stage of the management process? a. Evaluating b. Planning c. Communicating d. None of the above 4. Budgets identify, gather, summarize, and communicate a. financial data only. b. financial and nonfinancial data. c. nonfinancial data only. d. none of these. 5. Which of the following is not a guideline for preparing a budget? a. Know the purpose of the budget. b. Identify the user group and their information needs. c. Provide a clearly stated heading. d. All of the above are guidelines. 6. TF A master budget covers a period of five to ten years. 7. The first step in developing a master budget is to prepare a. a budgeted income statement. b. pro forma statements. c. a budgeted balance sheet. d. detailed operating budgets. 8.
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This note was uploaded on 04/25/2011 for the course ACC 101 taught by Professor Dasd during the Winter '08 term at DePaul.

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ch 20 practice quiz 2 - Lauren c20 after 1. a. b. c. d....

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