ACC 350 Final Study Questions and
answers already passed 2025
What is an example of the benchmarking function of the budgeting process? -
correct answer ✔Budget figures are used to evaluate the performance of
managers
What are the four budgeting objectives - correct answer ✔1. developing
strategies
2. planning
3. acting
4. controlling
The budgeting process - correct answer ✔requires significant coordination
among the company's various business segments
What is an example of the planning function of the budgeting process? -
correct answer ✔The budget outlines a specific course of action for the
coming period
What are the three types of budgets - correct answer ✔1. Operating budget
2. Capital Expenditures budget
3. Financial budget
Operating Budget - correct answer ✔The set of budgets that projects sales
revenue, cost of goods sold, and selling and administrative expenses, all of
which feed into the cash budget and then the budgeted financial statements.
answers already passed 2025
What is an example of the benchmarking function of the budgeting process? -
correct answer ✔Budget figures are used to evaluate the performance of
managers
What are the four budgeting objectives - correct answer ✔1. developing
strategies
2. planning
3. acting
4. controlling
The budgeting process - correct answer ✔requires significant coordination
among the company's various business segments
What is an example of the planning function of the budgeting process? -
correct answer ✔The budget outlines a specific course of action for the
coming period
What are the three types of budgets - correct answer ✔1. Operating budget
2. Capital Expenditures budget
3. Financial budget
Operating Budget - correct answer ✔The set of budgets that projects sales
revenue, cost of goods sold, and selling and administrative expenses, all of
which feed into the cash budget and then the budgeted financial statements.
