resource constraint?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1) Which of the following is a resource constraint?
a) Machine hours available
b) Sales commissions
c) Cost per unit
d) Budgeted overhead
2) Development of a budget ____________.
a)Is required by GAAP.
b) Is required by tax authorities.
c) Enhances communication and coordination among managers.
d) Enhances borrowing limit of the firm.
3)
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.
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