Managers should use budgets for which a) Planning b) Operating c) Staffing  ...
Managers should use budgets for which a) Planning b) Operating c) Staffing d) Controlling e) All four
Homework Answers
Option , e) All four
Reason: Budgets are used in the planning stage to forecast for the future goals of the company i.e. sales ,production and inventory budgets are usually prepared in this stage. In the operating stage, budgets are used to implement in the actual production process or service models. For staffing as well, resources are allocated as per the budget and wages are determined as he budgeted hours or role given to the employees. In the controlling stage the actual results are compared with the master budget and variances are analyzed therein.
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Managers should use budgets for which a) Planning
b) Operating c) Staffing  ...
6. Short-term planning is often referred to as a. strategic planning. b. operational planning. c. goal-oriented...
6. Short-term planning is often referred to as a. strategic planning. b. operational planning. c. goal-oriented planning. d. external planning. 7. One purpose of controlling activities is to a monitor day-to-day operations to ensure that processes are operating as expected. b. translate long-term strategy into a short-term plan. c. perform variance analysis and prepare performance reports. d. translate short-term strategy into a long-term plan. 8. To help managers with their evaluations, managerial accountants often perform a. time tests. b. spot...
14. Which of the following includes a normal sequence in which the indicated budgets are prepared?...
14. Which of the following includes a normal sequence in which the indicated budgets are prepared? A. Direct Materials, Cash, Sales C. Sales, Balance Sheet, Direct Materials E. Production, Direct Materials, Direct Labor B. Production, Direct Materials, Sales D. Production, Mfg. OH, Sales 15. Which of the following is a benefit of budgeting? A. reduces the need for tracking actual cost activity B. sets benchmarks C. does not uncover potential bottlenecks D. discourages planning E. all of these 16. The...
Which one of the following are the components of the financial budgets? a. Budgeted statement of...
Which one of the following are the components of the financial budgets? a. Budgeted statement of profit or loss, budgeted statement of financial position, cash budget and capital expenditure budget. b. Budgeted statement of profit or loss, sales/fees budget and cash budget. c. Operating budget and production budget. d. Capital expenditure budget and manufacturing budget. Which one of the following statements about a budget is correct? a. Budget targets are always impossible to meet. b. Budgets must be prepared by...
Which of the following is good advice for managers who are planning? a. View planning as...
Which of the following is good advice for managers who are planning? a. View planning as an important event. b. Allow flexibility in the planning and in the plan. c. Base the plan on hard data and past history. d. Stick to a specific, orderly, sequential approach.
QUESTION 7 To overcome possible problems with budgets that are developed only by top level managers,...
QUESTION 7 To overcome possible problems with budgets that are developed only by top level managers, an alternative is to use: A. Participative budgets B. Authoritative budgets C. Mandatory budgets D. Flexible budgets
When compared to static budgets, flexible budgets a. offer managers a more realistic comparison of budget...
When compared to static budgets, flexible budgets a. offer managers a more realistic comparison of budget and actual fixed cost items under their control. b. provide a better understanding of the capacity variances during the period being evaluated. c. encourage managers to use less fixed cost items and more variable cost items that are under their control. d. offer managers a more realistic comparison of budget and actual revenue and cost items under their control.
16. Which is true of budgets? A) They are voted on and approved by stockholders. B)...
16. Which is true of budgets? A) They are voted on and approved by stockholders. B) They are used in the planning, but not in the control, process. C) There is a standard form and structure for budgets. D) They are used in performance evaluation.
In firms that are large enough to have specialization, upper managers spend most of their time...
In firms that are large enough to have specialization, upper managers spend most of their time performing which functions? A. Planning and leading B. Organizing and controlling C. Communicating and counseling D. Motivating and controlling
Dashboards are A. A way to measure organizational performance B. Side panels in an automobile C....
Dashboards are A. A way to measure organizational performance B. Side panels in an automobile C. Usually seen in winter D. An Olympic event E. None of the above Which of the following competencies is more leadership oriented than management oriented? A. Controlling Resources B. Determining strategies for the future C. Counseling employees D. Overseeing Adherence to Regulations Extrinsic theories of motivation include A. Adam's Equity Theory B. Vroom's Acquired Needs Theory C. Locke's Goal Setting Theory D. None of...
Budgeting provides the framework for: a. Planning and control. b. Delegating authority to managers. c. Process...
Budgeting provides the framework for: a. Planning and control. b. Delegating authority to managers. c. Process costing. d. Breaking semivariable costs into their fixed and variable components.
6. Short-term planning is often referred to as a. strategic planning. b. operational planning. c. goal-oriented planning. d. external planning. 7. One purpose of controlling activities is to a monitor day-to-day operations to ensure that processes are operating as expected. b. translate long-term strategy into a short-term plan. c. perform variance analysis and prepare performance reports. d. translate short-term strategy into a long-term plan. 8. To help managers with their evaluations, managerial accountants often perform a. time tests. b. spot...
14. Which of the following includes a normal sequence in which the indicated budgets are prepared? A. Direct Materials, Cash, Sales C. Sales, Balance Sheet, Direct Materials E. Production, Direct Materials, Direct Labor B. Production, Direct Materials, Sales D. Production, Mfg. OH, Sales 15. Which of the following is a benefit of budgeting? A. reduces the need for tracking actual cost activity B. sets benchmarks C. does not uncover potential bottlenecks D. discourages planning E. all of these 16. The...
16. Which is true of budgets? A) They are voted on and approved by stockholders. B) They are used in the planning, but not in the control, process. C) There is a standard form and structure for budgets. D) They are used in performance evaluation.
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