IS THE STATEMENT CORRECT OR INC
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IS THE STATEMENT CORRECT OR INC
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- The best that describes the top management's role in budgeting process is that top management 1. Should be involved only in the approval process 2. Lacks the detailed knowledge of the daily operations and should limit their involvement 3. Needs to be involved, including using the budget process to communicate goals 4. Needs to separate the budgeting process and business planning process into two separate processes O 1 O 2 3. O 4Statement 1: Budget makes coordination of activities easier. Statement 2: Budget provides an early warning for potential problems. O Only Statement 2 is correct. O Both Statements are correct. O Only Statement 1 is correct. O Both Statements are incorrect.19. Which of the following is false? (a) A budget is a financial plan for a period of time. (b) Budgeting and responsibility accounting are closely related. (c) Goal congruence means that managers of different departments often have competing objectives. (d) The budgeting process should have a significantly positive effect on a company's profit as compared with no budgeting at all.
- Identify the false statement related to elements of budgeting: a. System of reporting should be made optional. b. Availability of working capital should be ensured. c. Good system of accounting should be maintained. d. Authority and responsibility should be properly fixedWhich of the following statements are TRUE? 1. Responsibility accounting attempts to assign blame for problems to a specific manager. 11. One benefit of a budget is that it helps managers gather relevant information for improving future performance. III. Challenging budgets tend to motivate improved performance. IV. Controllability may be difficult to pinpoint because some costs are the result of the market, not the manager. a) I, III, and IV are true. b) I and IV are true c) II, III, and IV aregrue. d) All statements are true1. Explain the concept of responsibility accounting and its relation with budgeting.2. Explain how the choice of the type of responsibility center (cost, revenue, profit, orinvestment) affects behavior.3. Discuss the concept of “budgetary slack”
- True or False 1. Budgets should not be used to motivate and reward employees. 2. Budgets play an important communication role within organizations. They provide a mechanism for managers to share expectations and priorities for the future. 3. Budgets also provide useful benchmarks for evaluating and rewarding employee performance.PLEASE ANSWER ALL TRUE OR FALSE 18. The basic idea behind responsibility accounting is that each manager's performance should be judged by how well he or she manages those items directly under his or her control.19. Depreciation is not included as part of a cash budget.20. One of the premises underlying the responsibility accounting concept is that effective budget data can be generated as a basis for evaluating performance.Which of the following statements are TRUE? I. Responsibility accounting attempts to assign blame for problems to a specific manager.II. One benefit of a budget is that it helps managers gather relevant information for improving future performance.III. Challenging budgets tend to motivate improved performance.IV. Controllability may be difficult to pinpoint because some costs are the result of the market, not the manager.
- Which of the following statements is false? Select one: a. According to responsibility accounting, all managers should be held responsible for all asbects of the master budget. o b. Budgets helps uncover potential bottlenecks. c. Budgeting forces managers to think about and plan for the future. o d. One benefit of following a well-designed budgeting process is Improved performance evaluations. e. Budgeted cash collections typically consist of collections on sales made to customers in prior periods plus collections on sales made in the current budget period. Which of the following activities would be classified as a batch-level activity? Select one: a. none of the given answer. b. Designing a new product. c. Milling a part required for the final product. d. Setting up equipment. e. Training employees.Which of the following statements is false about budgeted income statement and budgeted balance sheet? O a. Credit purchases will be included in the accounts receivable in the budgeted balance sheet. O b. The cash budget must be prepared first before preparing both the budgeted income statement and the budgeted balance sheet. O c. None of the given answers. O d. The budgeted income statement must be prepared first before preparing the budgeted balance sheet. O e. The ending finished goods inventory will be included in the budgeted balance sheet. 11:34 e to search W AD 4 dx ENG 22-05-2021 12) の SEV rt se delete Tome 96 & back space Sock 8 A R T home 5 0 D enter F K pause t shift 1 B M end ait ctri4. The following are characteristics of an effective budget, EXCEPT: A. Goals should be attainable. В. Evaluations should be made carefully with opportunities to explain any failures. С. They should be properly applied to avoid negative effects. D. Customers affected by a budget should be consulted when it is prepared.