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Chapter 9 Budgetary Planning Learning Objectives

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Chapter 9 Budgetary Planning Learning Objectives

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Questions and Answers

Which of the following is not a benefit of budgeting, according to the text?

The coordination of activities is facilitated.

An early warning system is provided for potential problems.

Management can plan ahead.

It enables disciplinary action to be taken at every level of responsibility. (correct)

What is the most common length of a budget period, according to the text?

One year (correct)

Depends on the organization

Monthly

Quarterly

What is the primary basis for setting budget goals, according to the text?

Anticipated advertising and promotion

Sales forecast

General economic conditions

Past performance (correct)

Which of the following is not mentioned as a factor considered in sales forecasting, according to the text?

Employee compensation Signup and view all the answers

What is the primary purpose of participative budgeting, according to the text?

To produce a budget considered fair and achievable by managers Signup and view all the answers

Which of the following is an advantage of participative budgeting?

It provides more accurate budget estimates because lower-level managers have more detailed knowledge of their area. Signup and view all the answers

What is the primary purpose of a budget according to the text?

To communicate objectives Signup and view all the answers

Who is typically responsible for presenting management's budgeting goals in financial terms?

Accountants Signup and view all the answers

What is a key benefit of budgeting mentioned in the text?

Creating an early warning system for potential problems Signup and view all the answers

Why is budgeting considered a control device according to the text?

To serve as a basis for performance evaluation Signup and view all the answers

In what way does budgeting contribute to efficiency as per the text?

By promoting goal-oriented activities Signup and view all the answers

Which statement accurately describes the relationship between budgeting and accounting based on the text?

Accountants help in presenting management's budgeting goals in financial terms Signup and view all the answers