Ch 23 CP - ACC 212 Class Probs Ch 23 1. A formal statement...

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ACC 212 Class Probs – Ch 23 1. A formal statement of future plans, usually expressed in monetary terms, is a: A) Variance report. B) Position statement. C) Budget. D) Prospectus. E) Variance analysis. 2. The process of planning future business actions and expressing them as a formal plan is called: A) Budgeting. B) Cost accounting. C) Managerial accounting. D) Variance analysis. E) Standard cost analysis. 3. For budgets to be effective: A) Goals should be attainable. B) Employees affected by a budget should be consulted when it is prepared. C) Evaluations should be made carefully with opportunities to explain any failures. D) They should be properly applied to avoid negative effects. E) All of the above. 4. Which of the following is a benefit derived from budgeting? A) Budgeting focuses management's attention on the future. B) Budgeting provides coordination of departments. C) Budgeting provides a basis for evaluating performance. D) Budgeting provides motivation for managers and employees. E) All of the above. 5. A budget is best described as: A) A formal statement of a company's future plans usually expressed in monetary terms. B) A master control device. C) An informal statement of company future plans usually expressed in monetary terms. D) The most crucial component of a company evaluation process. E) The minimum acceptable performance level. Page 1
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ACC 212 Class Probs – Ch 23 6. Preparing a master budget is usually_ the responsibility of: A) The company CEO. B) The marketing department. C) A budget committee. D) The chief financial officer. E) Lower level management. 7. The most useful budget figures are developed: A) From the "top-down". B) From the "bottom-up" following a participatory process. C) Solely by the budget committee. D) By the CEO. E) After the accounting period has begun. 8. The practice of preparing budgets for each of several future periods and revising those budgets as each period is completed, adding a new budget each period so that the budgets always cover the same number of future periods, is called: A) Participatory budgeting. B) Capital budgeting. C) Balanced budgeting. D) Continuous budgeting. E) Primary budgeting. 9. Operating budgets include all the following budgets except the: A) Sales budget. B) Selling expense budget. C) Cash budget. D) Merchandise purchases budget. E) General and administrative expense budget. 10. Financial budgets include all the following except the: A) Sales budget. B) Budgeted balance sheet. C) Budgeted income statement. D) Cash budget. . E) All of the above are financial budgets. Page 2
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ACC 212 Class Probs – Ch 23 11. The master budget includes: A) Operating budgets. B) A capital expenditures budget. C) A budgeted income statement.
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This note was uploaded on 02/15/2012 for the course ENGLISH 100 taught by Professor Sarah during the Spring '07 term at California State University Los Angeles .

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Ch 23 CP - ACC 212 Class Probs Ch 23 1. A formal statement...

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