Help QUESTION 1Which of the following statement(s) related to budgets is/are TRUE?O In preparing a master budget, the purchases budget is prepared first.Es inO Budgets must be audited by independent external auditors.O Budgets are useful to communicate the goals of the business in financial terms.O Budgets are prepared by independent external auditors.

A budget is prepared with a view to estimate the revenues and expenses of the firm over a particular…

Which of the following statement(s) related to budgets is/are TRUE? O In preparing a master budget, the purchases budget is prepared first. O Budgets must be audited by independent external auditors. O Budgets are useful to communicate the goals of the business in financial terms. O Budgets are prepared by independent external auditors.

Which of the following statement(s) related to budgets is/are TRUE? O In preparing a master budget, the purchases budget is prepared first. O Budgets must be audited by independent external auditors. O Budgets are useful to communicate the goals of the business in financial terms. O Budgets are prepared by independent external auditors.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6MC: Which of the following is true in a bottom-up budgeting approach? Every expense needs to be...

See similar textbooks

Similar questions

Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.
Select each of the terms with the best description of its purpose. 1. Helps determine financing needs. Definitions 2. The usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A budgetary cushion used to meet performance targets. 5. A comprehensive plan that consists of several budgets that are linked. 6. Employees affected by a budget help in preparing it. Terms
how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL BUDGETING/EXPENDITURE SYSTEM (TRACKING OF EXPENSES AND INCOME, REPORTING DEFICITS)
Which of the following is NOT true of the budgeting process? Question 8 options: Budgeting provides feedback to management to aid in assessing how well it's reaching its goals. Budgets force managers to plan for the future. Budgets force managers to consider relations among operations across the entire value chain. The performance report is prepared as part of the master budget.
Financial budgets are the basis for preparing operating budgets. Select one: O True O False
Need him with the decriotionaIncluding the budget's objective, how the budget assists an organization in managing its financial activities, and what types of data need to be included in that specific budget
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…
CE Company reported the following information for 2022: Budgeted sales $1225000 . All sales are on credit. • Accounts receivable are collected 50% in the month of sale and 50% in the following month. What are budgeted cash receipts for November? $1310000 October November December $560000 $1120000 $1330000 $1120000 $1500000
Requirements and Value of Budget Reporting and Auditing Explain the requirements for reporting and auditing a budget for accuracy. Explain the value of accurate reporting and auditing processes in budget management.
(B) For the purpose of effective budgetary control, it is imperative on the part of each entity to have definite ‘plan of organization’. This plan of organization is embodied in the organization chart. Assuming that you started your own business, make an organization chart according to your business activities and explain with an example how organization chart guide you to prepare different types of budgets explain
According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in monitory terms showing the income to be the generated, the costs to be incurred and the resources to be utilized for the defined period of time. Required: Explain the following terms connected with a budget (i)The budget committee (ii) The principal budget factor (iii) The master budget
Which of the following is a use of budgets for control? *A. plans can be made for the futureB. communication is improvedC. if conditions change between the formation of the budget and the current time, budgets can be quickly adaptedD. budgets set a standard against which results can be compared