In horizontal analysis, the "base year" is

1. current year
2. an arbitrary year
3. least current year
4. prior year

The Master Budget consists of

1. The Purchases, Operating Expense and Direct Materials Budget
2. The Operating, Flexible and Cash Budgets
3. The Operating, Capital and Financial Budgets
4. The Sales, Collections and Cost of Goods Sold Budget

The purpose of the operating budget is to prepare the

1. Balance Sheet
2. Income Statement
3. Pro Forma Income Statement
4. Pro Forma Balance Sheet

The sale of a bulldozer will be classified as which type of activity?

1. Financing
2. Revenue
3. Investing
4. Operating

Contribution Margin indidcates what is left to be "contributed to"

1. Fixed Costs
2. Variable Costs
3. Sales
4. Net Income

Management by Exception is an example of which accounting concept?

1. Matching
2. Disclosure
3. Materiality
4. Cost

Measuring Flexible Budget variances help managers

Measure goals against performance

1. read financial statements
2. assist in financial reporting activities
3. Measure the efficiency of the budgeting process

The purpose of the capital and financial budgets are to prepare the

1. Income Statement
2. Balance Sheet
3. Pro Forma Balance Sheet
4. Pro Forma Income Statement