5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate performance. B. It uncovers drawbacks of department performance C. It reduces the need to track the actual cost activity D. It formalizes a manager's planning efforts.
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- Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating lossesWhich approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgeting
- 5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate performance. B. It uncovers drawbacks of department performance C. It reduces the need to track the actual cost activity. D. It formalizes a manager's planning efforts.Which of the following is not an advantage of budgeting? a) Forces managers to planb) Provides information for decision makingc) Guarantees an improvement in organizational efficiencyd) Provides a standard for performance evaluatione) Improves communication and co-ordinationWhich of the following is not a benefit of budgeting? It allows for coordination between different departments within a firm. It compels managers to develop objectives and to plan allocating resources to achieve the objective. It provides performance evaluation and feedback. It reduces the need for analysis with regard to company expenses.
- Which of the following statements are TRUE? I. Responsibility accounting attempts to assign blame for problems to a specific manager.II. One benefit of a budget is that it helps managers gather relevant information for improving future performance.III. Challenging budgets tend to motivate improved performance.IV. Controllability may be difficult to pinpoint because some costs are the result of the market, not the manager.Which one of the following is related to the decision making function of management: O a. Establishing goals O b. Choosing among alternatives O c. None of the given answers O d. Budgeting O e. Performance reportsAnswer with logical reasoning. Give an example where needed i. How management accounting and cost accounting can be an efficient in monetary and non-monetary report management as compared to financial accounting reporting system. ii. How flexible budget through performance reporting is help for the management in determination of direct material cost control?
- 6. A difference between standard costs used for cost control and budgeted costs a)Can exist because standard costs represent what costs should have been while budgeted cost represent expected actual costs. b)Can exist because established budgeted costs involve employee participation and standard cost do not c)Can exist because standard cost must be determined after the budget is prepared. d)Can exist because budgeted costs should be verified first by actual activities while standard cost are based on project costs.Which one of the following is related to the decision making function of management a. Performance reports b. Budgeting c. Choosing among alternatives d. None of the given answers e. Establishing goalsWhich of the following is not an accepted principle of effective budgeting? A• Flexibility B• Top management support C• Communication of results D• Responsibility accounting