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Managerial Accounting
Q
Quiz 5
Score
%
Name
Course: Managerial Accounting
Section
FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY
INSTRUCTIONS:
Complete each of the following statements by writing the appropriate words or amounts in the Answers column.
For
Answers
Scoring
0.
The document that charts a course of future action for a business by
outlining the plans of the business in financial terms is the .
………………..
budget
0. ____
1-3.
The objectives of budgeting include:
1.
…………………………………………………………………………………………………..
1. ____
2.
…………………………………………………………………………………………………..
2. ____
3.
…………………………………………………………………………………………………..
3. ____
4.
Giving information to employees about their performance relative to the
goals they helped establish is called.
……………………………………………….
4. ____
5.
An organization’s budgetary unit led by a manager who has both
authority over and responsibility for the unit’s performance is a .
………….
5. ____
6.
The budget becomes less effective as a tool for planning or controlling
operations if employees view budget goals as unachievable. This occurs
when the budget is set too .
…………………………………………………………….
6. ____
7.
Goquik Taxi Co. establishes its budget at only one level of activity. This
type of budget is called.
………………………………………………………………….
7. ____
8.
The manager of the shipping department was directed to stay within the
departmental budget. To accomplish this goal, the manager stopped
shipping to customers for an entire month. This manager’s behavior is
said to exhibit .
………………………………………………………………………………
8. ____
9.
A variation of fiscal-year budgeting that seeks to maintain a continuous
twelve-month projection into the future is called a .
…………………………….
9. ____
10.
When budgets establish lower goals than may be possible, they are said
to be “padded” or contain.
………………………………………………………………
10. ____
11.
Parts Supply Co. prepares its budgets based on 23,000, 24,000, and
25,000 units of production. This type of budgeting is known as .
………….
11. ____
12.
Manufacturing operations require a series of budgets that are linked
together in a .
………………………………………………………………………………..
12. ____
13–15.
The production budgets are used to prepare the following budgets:
13.
…………………………………………………………………………………………………..
13. ____
14.
…………………………………………………………………………………………………..
14. ____
15.
…………………………………………………………………………………………………..
15. ____
16.
The starting point in estimating the quantity of sales for each product in
the sales budget is .
……………………………………………………………………….
16. ____
17.
The budgets that are used by managers to plan the financing, investing,

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TEST 21A (Concluded)
and cash objectives for the firm are.
…………………………………………………
17. ____
18.
The budget that allows management to assess the effects of the
individual budgets on profits for the year is the.
…………………………………
18. ____
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