Question: Question 1: Multiple Choice (5 marks) (A1) 1. Accounting generally has the responsibility for a. Setting company goals. b. Expressing the budget in financial terms.

Question 1: Multiple Choice (5 marks) (A1) 1. Accounting generally has the responsibility for a. Setting company goals. b. Expressing the budget in financial terms. c. Enforcing the budget. d. Administration of the budget. 2. A common starting point in the budgeting process is a. Expected future net income. b. Past performance c. To motivate the sales force. d. A clean slate, with no expectations. Focus 3. In many companies, responsibility for coordinating the preparation of the budget is assigned to a. The company's independent certified public accountants. b. The company's internal auditors. c. The company's board of directors. d. A budget committee

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