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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

What is the primary purpose of a budget?

To communicate management's plans for the future (correct)

To increase historical accounting data

To evaluate previous performance

To control historical accounting data

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

The shareholders

The employees

The customers

The accountants (correct)

What does budgeting help create within a business?

Increased historical data accuracy

A focus on current operations only

An early warning system for potential problems (correct)

A reduction in management awareness

Which of the following is an essential characteristic of effective budgeting?

Definite objectives for evaluating performance Signup and view all the answers

What does a cash budget primarily focus on?

Financial plans for a future time period Signup and view all the answers

In what way does budgeting promote efficiency?

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

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

It enables disciplinary action to be taken at every level of responsibility. Signup and view all the answers

What is the most common budget period mentioned in the text?

One year Signup and view all the answers

What should budgets be based on?

Past performance and a sales forecast Signup and view all the answers

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

Anticipated employee turnover Signup and view all the answers

What is the main advantage of participative budgeting mentioned in the text?

It produces more accurate budget estimates Signup and view all the answers

What is essential for an effective budgeting process?

A sound organizational structure with clearly defined authority and responsibility Signup and view all the answers