1. ACC350 WK 7 Quiz5 Chapter6
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1)
Fewbusinessesplantofail,butmanyof those that don'tsucceedhave failedtoplan.
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2)
The master budgetreflectsthe impactof operatingdecisions,butnotfinancingdecisions.
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3)
Budgetedfinancialstatementsare alsoreferredtoaspro formastatements.
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4)
Budgetingincludesonlythe financial aspectsof the planandnotany nonfinancial aspectssuchasthe
numberof physical unitsmanufactured.
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5)
Budgetinghelpsmanagementanticipateandadjustfortrouble spotsinadvance.
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6)
Budgetscan playbothplanningandcontrol rolesformanagement.
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2. 7)
Long-runplanningandshort-runplanningare bestperformedindependentlyof eachother.
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8)
Operatingdecisionsdeal withhowtobestuse the limitedresourcesof anorganization.
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9)
Investingdecisionsdeal withhowtoobtainthe fundstoacquire resources.
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10)
Budgetedfinancialstatementsare calledproformastatements.
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11)
Aftera budgetisagreeduponand finalizedbythe managementteam, the amountsshouldnotbe
changedfor anyreason.
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12)
Evenin the face of changingconditions,attainingthe original budgetiscritical.
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13)
Lower-level managerswillnotactivelyparticipate inthe budgetprocessif theyperceiveupper

3. managementdoesnotbelieveinthe process.
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14)
A four-quarterrollingbudgetencouragesmanagementtobe thinkingaboutthe next12 months.
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15)
A rollingbudgetisthe same asa continuousbudget.
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16)
Researchhasshownthat challengingbudgets(ratherthanbudgetsthatcanbe easilyattained) are
energizingandimproveperformance.
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17)
The revenue budgetandthe budgetedincomestatementare usedtoprepare the budgetedbalance
sheetandthe budgetedstatementof cashflows.
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18)
It isbestto compare thisyear's performance withlastyear'sactual performance ratherthanthisyear's
budget.
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19)
Whenadministeredwisely,budgetspromotecommunicationandcoordinationamong the various
subunitsof the organization.
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4. 20)
Preparationof the budgetedincome statementisthe final stepinpreparingthe operatingbudget.
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21)
The salesforecastshouldprimarilybe basedonstatistical analysiswithsecondaryinputfromsales
managersand salesrepresentatives.
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22)
The usual startingpointin budgetingistoforecastnetincome.
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23)
The revenuesbudgetshouldbe basedonthe productionbudget.
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24)
The operatingbudgetisthatpart of the masterbudgetthat includesthe capital expendituresbudget,
cash budget,budgetedbalancesheet,andthe budgetedstatementof cashflows.
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25)
Since fixedmanufacturingoverheadisfixed,itisnotnormallyincludedinthe operatingbudget.
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26)

5. The manufacturinglaborbudgetdependsonwage rates,productionmethods,andhiringplans.
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27)
The manufacturinglaborbudgetdependsonwage rates,productionmethods,andhiringplans.
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28)
If inventoriable costsinthe operatingbudgetare goingtobe inaccordance withGenerallyAccepted
AccountingPrinciples(GAAP),theyincludeonlyvariable manufacturingcosts.
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29)
Activity-basedbudgetingprovidesbetterdecision-makinginformation thanbudgetingbasedsolelyon
output-basedcostdrivers(unitsproduced,unitssold,orrevenues).
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30)
Activity-basedcostinganalysistakesalong-runperspective andtreatsall activitycostsasvariable costs.
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assignment1Cost AccountingandManagementDecisions