Accounting 231 Exam 3 WSU Question
and answers 100% correct 2025/2026
Budget - correct answer ✔a detailed plan for the future that is usually expressed in formal quantitative
terms
planning, control - correct answer ✔Budgets are used for ______ and ______
Planning - correct answer ✔involves developing goals and preparing various budgets to achieve those
goals
Control - correct answer ✔involves gathering feedback to ensure that the plan is being properly
executed or modified as circumstances change
Responsibility accounting - correct answer ✔-a manager should be held responsible for items that they
can actually control to a significant extent
-personalizes accounting information by holding individuals responsible for each cost
one year - correct answer ✔operating budgets usually cover a ________ period corresponding to the
company's fiscal year
perpetual/continuous budget - correct answer ✔-12 month budget that rolls forward one month as the
current month is completed
-this keeps managers focused at least one year ahead so that they don't become too narrowly focused
on short-term results
self-imposed/participative budget - correct answer ✔a budget that is prepared with the full
cooperation and participation of managers at all levels
and answers 100% correct 2025/2026
Budget - correct answer ✔a detailed plan for the future that is usually expressed in formal quantitative
terms
planning, control - correct answer ✔Budgets are used for ______ and ______
Planning - correct answer ✔involves developing goals and preparing various budgets to achieve those
goals
Control - correct answer ✔involves gathering feedback to ensure that the plan is being properly
executed or modified as circumstances change
Responsibility accounting - correct answer ✔-a manager should be held responsible for items that they
can actually control to a significant extent
-personalizes accounting information by holding individuals responsible for each cost
one year - correct answer ✔operating budgets usually cover a ________ period corresponding to the
company's fiscal year
perpetual/continuous budget - correct answer ✔-12 month budget that rolls forward one month as the
current month is completed
-this keeps managers focused at least one year ahead so that they don't become too narrowly focused
on short-term results
self-imposed/participative budget - correct answer ✔a budget that is prepared with the full
cooperation and participation of managers at all levels
