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Fundamentals of Cost Accounting

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Accounting 111 Pollard Chapter 13 L.O. 1: Understand the role of budgets in overall organization plans. What is a budget?   Financial plan of the resources needed to carry out activities and meet financial goals What does it link? Goals Plans Decision making Performance evaluations What is a master budget? Financial plan of an organization for the coming year or other planning period What is a profit plan? Income statement portion of the master budget L.O. 3: Estimate sales. Budgeted sales = budgeted # of units x budgeted sales price per unit Match the following techniques of budgeting sales with their descriptions: Technique Description 1. Sales staff C A. Forecast method based only on past data 2. Market research E B. Statistical forecasting method based on entering past data into regression models 3. Delphi method D C. Forecasting method using sales personnel’s knowledge about customers. 4. Trend analysis A D. Forecasting method in which individual forecasts of group members are
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Chapter 13 Key - Accounting 111 Pollard Chapter 13 L.O 1...

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