Budgets
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A: Hi student Since there are multiple questions, we will answer only first question.
Which of the following statements is true?
- All organizations are required to budget.
- Budgets are a quantitative expression of an organization’s goals and objectives.
- Budgets should never be used to evaluate performance.
- All organizations have the same set of budgets.
Step by step
Solved in 2 steps
- 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.Which of the following statements about budgeting is incorrect? a. Budgets provide direction and coordination b. Budgets motivate staff c. A budget is a financial plan. d. A budget looks back and review performance.Which of the following is true of a budget? O A. Budgets help managers to revise their plans and strategies. B. Budgets do not account for nonfinancial aspects of the upcoming period. C. Budgets are used to express only the operational plans and not the strategic plans of a company. D. Budgets are most useful when they are planned independent of the company's strategic plans.
- All of the following are true statements about the role of budgets and budgeting EXCEPT that A) a budget is a quantitative summary of the expected allocations and financial consequences of the organization's short-term operating activities. OB) budgeting solves most business challenges because it coordinates activities and communicates an organization's short-term goals to its members. C) the difference between actual results and the budget plan are called variances. D) budgeting includes the process of estimating money inflows and outflows to determine a financial plan that will meet on organization's objectives.Which among the following is not an element of budgeting? a. Budgeting should state the firm’s expectations clearly b. The targets fixed should be very high in budgeting. c. Good system of accounting is essential. d. The authority and responsibility should be clearly fixed.With one exception, the following objectives are accomplished by budgeting. Which of these statements is NOT true about budgeting objectives? Shows management's operating plans for the coming period. O Locks in company spending for the period. O Forces all levels of management to think ahead, anticipate results, and take action to remedy poor results. O Formalizes management's plans in quantitative terms.
- While the operating budgets reflect the operating activities of the company, the financial budgets reflect the financing and investing activities. Group of answer choices True FalseWhich of the following is true in a bottom-up budgeting approach? a.Supervisors tell departments their budget amount and the departments are free to work within those amounts. b.Departments determine their needs and relate them to the overall goals. c.Every expense needs to be justified. d.Departments budget their needs however they see fit.What are the three major objectives of budgeting? Briefly describe the type of human behavior problems that might arise if budget goals are set too tightly.
- Which of the following is NOT an objective of the budgeting process? Group of answer choices a - To communicate management's plans throughout the entire organization b - To ensure that the company continues to grow. c - To uncover potential bottlenecks before they occur d - To provide a means of allocating resources to those parts of the organization where they can be used most effectively.Which of the following is not considered a benefit of the budgeting process? a. Gives managers guidance when evaluating the performance of business operations. b. Determines the exact amount of revenues and expenses for the upcoming fiscal period. c. Helps managers achieve short-term and medium-term goals. d. Helps managers set long-term strategic plans.Which of the following statements relating to budgeting is NOT true? a) A budget is a formal document that quantifies a company’s plans for achieving its goals. b) Budgets are useful in the control process because they provide a basis for evaluating performance. c) A bottom-up approach to budgeting involves substantial input from lower level managers. d) Most managers believe that budgeting is more successful when a top-down approach rather than a bottom-up approach is used.
