Acct 2302 Ch 20 Questions And Answers
1. Characteristics of budgets include: Expressed in monetary terms Formal statement of a company’s plans Typically span a month, quarter or one year 2. Budgeted performance considers all of the following in relation to a benchmark: Economic factors Company factors Industry factors 3. All of the following are guidelines for budgeting except: budgets should be prepared using a top-down approach 4. Most companies prepare a(n) ______ budget that is separated into ______ budgets.+ Annual; quarterly or monthly 5. List the individual budgets of the master budget in the order in which they are prepared, with the first on top. Sales budget Production budget Direct materials, direct labor and factory overhead Cash budgets 6. A(n) __________ is a formal statement of a company's plans, usually expressed in monetary terms. Budget 7. A manufactu
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