Acc 350 Wk 7 Quiz 5 Chapter 6 – Strayer
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ACC 350 WK 7 Quiz 5 Chapter 6 – Strayer
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ACC 350 WK 7 Quiz 5 Chapter 6
1)
Few businesses plan to fail, but many of those that don't succeed have failed to plan.
Answer:
2)
The master budget reflects the impact of operating decisions, but not financing decisions.
Answer:
3)
Budgeted financial statements are also referred to as pro forma statements.
Answer:
4)
Budgeting includes only the financial aspects of the plan and not any nonfinancial aspects such as the number of physical units manufactured.
Answer:
5)
Budgeting helps management anticipate and adjust for trouble spots in advance.
Answer:
6)
Budgets can play both planning and control roles for management.
Answer:
7)
Long-run planning and short-run planning are best performed independently of each other.
Answer:
8)
Operating decisions deal with how to best use the limited resources of an organization.
Answer:
9)
Investing decisions deal with how to obtain the funds to acquire resources.
Answer:
10)
Budgeted financial statements are called pro forma statements.
Answer:
11)
After a budget is agreed upon and finalized by the management team, the amounts should not be changed for any reason.
Answer:
12)
Even in the face of changing conditions, attaining the original budget is critical.
Answer:
13)
Lower-level managers will not actively participate in the budget process if they perceive upper management does not believe in the process.
Answer:
14)
A four-quarter rolling budget encourages management to be thinking about the next 12 months.
Answer:
15)
A rolling budget is the same as a continuous budget.
Answer:
16)
Research has shown that challenging budgets (rather than budgets that can be easily attained) are energizing and improve performance....
