Which of the following is not true of a properly

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Financial and Managerial Accounting Using Excel for Success
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Chapter 21 / Exercise 1
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
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8) Which of the following is not true of a properly executed budgetary cycle?A) deviations from plan are only investigated at the conclusion of the fiscal year as actual data can be finally compiledB) past performance and market feedback are considered in setting budget amountsC) specific financial and nonfinancial expectations are setD) during the fiscal year, managers investigate deviations from plansAnswer:
ADiff: 2Objective: 1AACSB: Analytical thinking
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Financial and Managerial Accounting Using Excel for Success
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Chapter 21 / Exercise 1
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
Expert Verified
9) Which of the following statements is true of budgets?
ADiff: 2Objective: 1AACSB: Analytical thinking10) The preparation of all the budgets in the master budget forces managers to think abouttheir business operations and to formulate plans, while:
BDiff: 2Objective: 1AACSB: Analytical thinking11) A budget is the quantitative expression of a proposed plan of action by management fora specified period.
Diff: 1Objective: 1AACSB: Analytical thinking12) A budget generally includes only the financial aspects of management's plan.
Diff: 1Objective: 1AACSB: Analytical thinking13) The benefit of engaging lower level management in the budget preparation process is that it helps to streamline the budget process.
Diff: 1Objective: 1AACSB: Analytical thinking
14) Budgeting includes only the financial aspects of the plan and NOT any nonfinancial aspects such as the number of physical units manufactured or the hours that the direct laborers are expected to work.
Diff: 2Objective: 1AACSB: Analytical thinking15) Operating plans are generally expressed through long-run budgets.

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