8) Indicate whether each of the following statements is True (T) or False (F). (1 pt...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
8) Indicate whether each of the following statements is True (T) or False (F). (1 pt each) The three major categories of the master budget are the operating budgets, the capital budgets, and the financial statement budgets. The master budget usually starts with a budgeted income statement. The first budget prepared in a master budget is the sales budget. The purchasing manager should provide the projections for the sales budget (forecast). Participative budgeting means that lower level employees are primarily responsible for preparing the budget. A master budget usually provides information about plans and expectations for the upcoming 1 year period. The nature of planning changes with the length of time period being considered. Generally, the shorter the time period, the more specific the plans. Four purposes or reasons for budgeting involve planning, coordination, performance measurement and corrective action. 8) Indicate whether each of the following statements is True (T) or False (F). (1 pt each) The three major categories of the master budget are the operating budgets, the capital budgets, and the financial statement budgets. The master budget usually starts with a budgeted income statement. The first budget prepared in a master budget is the sales budget. The purchasing manager should provide the projections for the sales budget (forecast). Participative budgeting means that lower level employees are primarily responsible for preparing the budget. A master budget usually provides information about plans and expectations for the upcoming 1 year period. The nature of planning changes with the length of time period being considered. Generally, the shorter the time period, the more specific the plans. Four purposes or reasons for budgeting involve planning, coordination, performance measurement and corrective action.
Expert Answer:
Answer rating: 100% (QA)
Answer 1 T 2 F 3 T 4 F S F Note 3 Catagonies of Master budget is operating ... View the full answer
Related Book For
Launching New Ventures An Entrepreneurial Approach
ISBN: 978-0547014562
5th Edition
Authors: Kathleen R. Allen
Posted Date:
Students also viewed these accounting questions
-
While many small firms do not put together a complete master budget, nearly every firm creates a cash budget. Why do you think that is so?
-
How do smaller firms that do not engage in cash position management typically set their target cash balance? What is typically detailed in a bank account analysis statement?
-
Can capital budgets be consolidated into operating budgets to simplify the budget process?
-
Research about the competitive and comparative advantage of the Argentina in terms of physical and human resources and how it is making use of these resources for international trade purpose. 3....
-
Referring to Fig. 25.25, show that the angular magnification of a refracting telescope focused for the final image at infinity is m = fo/fe. (Because telescopes are designed for viewing distant...
-
The pressure in the air gap is 8000 Pa gage. The tank is cylindrical. Calculate the net hydrostatic force (a) On the bottom of the tank; (b) On the cylindrical sidewall CC; and (c) On the annular...
-
Separation of duties refers to separating all of these functions except which of the following? a. Authorizing transactions b. Keeping accounting records C. Hiring personnel d. Maintaining custody of...
-
Use the data in the following table to a. Prepare a frequency distribution of the respondents ages b. Cross-tabulate the respondents genders with cola preference c. Identify anyoutliers Weekly Unit...
-
Explain the 'accounting theory framework' and why it is important in the practice of accounting standard board (15marks)
-
Consider the two processes shown in Table 8E.1 (the sample size n = 5). Specifications are at 100 ± 10. Calculate Cp, Cpk, and Cpm and interpret these ratios. Which process would you prefer to...
-
Efficiency and effectiveness are often considered two sides of the same coin in the context of organizational success. Many argue that these metrics are interrelated and that an organization cannot...
-
The first task in search engine optimization is to format a website so the search engine can O Accurately assess the topics a website addresses O Readily calculate when a website was last updated O...
-
a) Distinguish the following terms as used in macroeconomics analysis Inflationary and Deflationary gaps i. ii. Structural unemployment and cyclical unemployment iii. Multiplier and Accelerator...
-
Air at 300 K and 1 atm enters a smooth tube having a diameter of 2 cm and length of 10 cm. The air velocity is 40 m/s. What constant heat flux must be applied at the tube surface to result in an air...
-
Many companies do not appreciate the fact that the most critical orders are those to which a company says 'no'. Explain.
-
12.Indicate, by clicking on the relevant boxes, whether the following statements are true or false?
-
Julio owns 100% of stock of the C corporation The Perm Bank, Inc. (Perm). Perm has total E&P of $20,000 and Julio has a basis of $100,000 in his Perm stock prior to the following distribution. Perm...
-
The roof of a refrigerated truck compartment is of composite construction, consisting of a layer of foamed urethane insulation (t2 = 50 mm, ki = 0.026 W/m K sandwiched between aluminum alloy panels...
-
Assuming that you were running a successful consulting practice as a sole proprietorship, what would induce you to change the legal form to a corporation?
-
Was it necessary for the company to go through three business models before it found the right one to build a sustainable company?
-
What are the benefits of a private offering as compared to a public offering?
-
The circular spring clamp produces a compressive force of 3 N on the plates. Determine the maximum bending stress produced in the spring at A. The spring has a rectangular cross section as shown. 10...
-
Determine the maximum compressive force the spring clamp can exert on the plates if the allowable bending stress for the clamp is allow = 4MPa. The spring has a rectangular cross section as shown....
-
The ceiling-suspended C-arm is used to support the X-ray camera used for medical diagnoses. If the camera has a mass of 150 kg, with center of mass at G, determine the maximum bending stress at...
Study smarter with the SolutionInn App