- True or false: Technically, only managers from a vice president's level and higher are required to understand basic accounting principles

- True or False: The 4 Purposes/ Objectives of budgeting are Planning, Control, Communication and Motivation.

- True or false: A good place to start in preparing a budget is look at last year's actual results and "pad" the numbers.

- The purposes of a Production Department's Budget include

A) project revenue figures by month

B) project production cost figures by month

C) project unit sales figures by month

D) all of the listed answers are correct

- True or False: The 3 Functions of accounting are Scorekeeping, Attention Directing & supporting Decision Making.

- True or false: Accountants are not free to use whatever system they wish to perform their duties.

- "Scorekeeping" in accounting involves

A) identifying when revenues & costs exceed budgeted projections

B) all of the listed answers are correct

C) keeping track of costs in an organized manner

D) identifying when revenues & costs do not meet budgeted projections

E) none of the listed answers are correct

- True or false: The 1st step in preparing a Master Budget is to set the sales numbers by period.

- True or false: Budgets are prepared by accountants and require input/analysis from other managers with the exception of Service Department managers.

- True or false: Before the Sales Budget can be finalized, the sales managers need to check with the production department managers to ensure production capabilities can match sales forecast.