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Budgeting assists management in which of the following areas? - Answer -Motivation -Planning and setting objectives -Performance measurement Which of the following is an advantage of the budgeting process? - Answer -Budgeting provides a standard for performance evaluation -Budgeting provides resource information for decision making -Budgeting improves communication and coordination within the organization When an organization involves its many employees in the budgeting process i...

At the breakeven point, contribution margin equals revenue. True False - Answer False If there is little or no relationship between the cost and the volume, the data points on a scatter plot will appear almost as a straight line. True False - Answer False Operating leverage is the use of fixed cost to extract higher percentage changes in profits as sales activity changes. True False - Answer True Future costs that differ across alternatives are relevant costs. True Fals...

Which of the following alternatives reflects the proper order of preparing components of the master budget? 1. Production budget 2. Sales budget 3. Direct materials budget - Answer a. 2, 3, 1 b. 1, 3, 2 *c. 2, 1, 3 d. 3, 1, 2 Which of the following is a potential disadvantage of participative budgeting? - Answer *a. Managers may build slack into the budget b. Managers are more likely to be motivated by budgets they helped to create c. Managers should have more detailed knowledge...

Budget Committee - Answer A group of upper managers who are responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget and its final review approval Cost Center - Answer A business unit that is only responsible for the costs that it incurs. The manager of this unit is not responsible for revenue generation or asset usage. The performance of this unit is usually evaluated through the comparison of budgeted to actual costs F...