1. LO 7.1Which of the following is not a part of budgeting? 2. LO 7.1Which of the following is an operating budget?
3. LO 7.1Which of the following is a finance budget?
4. LO 7.1Which approach is most likely to result in employee buy-in to the budget?
5. LO 7.1Which approach requires management to justify all its expenditures?
6. LO 7.1Which of the following is true in a bottom-up budgeting approach?
7. LO 7.1The most common budget is prepared for a ________.
8. LO 7.2Which of the operating budgets is prepared first?
9. LO 7.2The direct materials budget is prepared using which budget’s information?
10. LO 7.2Which of the following is not an operating budget?
11. LO 7.2Which of the following statements is not correct?
12. LO 7.2The units required in production each period are computed by which of the following methods?
13. LO 7.3The cash budget is part of which category of budgets?
14. LO 7.3Which is not a section of the cash budget?
15. LO 7.3Which budget is the starting point in preparing financial budgets?
16. LO 7.3Which of the following includes only financial budgets?
17. LO 7.4Which budget evaluates the results of operations at the actual level of activity?
18. LO 7.4What is the main difference between static and flexible budgets?
Which of the following is the proper sequence of preparing budget?The correct answer is c. Sales Budget, Budgeted Income Statement, Budgeted Balance Sheet.
What is the correct sequence of budgets in a manufacturing business?What is the correct sequence of budgets in a manufacturing business? Sales, production, direct labor.
What is the sequence of budgets in a master budget?The budgets that roll up into the master budget include: Direct labor budget. Direct materials budget. Ending finished goods budget.
Which of the following is for coordinating the preparation of the budget?The budget committee has the responsibility for coordinating the preparation of the budget.
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