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Mastering Management Accounting Budgets

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Questions and Answers

Which of the following is a step in the budgeting process?

Sequencing of budgets

Prediction of the major constraint(s) (correct)

Action plan for each function

Monetary forecast

What is the purpose of functional budgets?

To determine the sales forecast

To allocate budgets for each function (correct)

To create an activity program

To predict the major constraint(s)

What is the purpose of sequencing budgets?

To allocate budgets for each function

To create an action plan (correct)

To determine the sales forecast

To predict the major constraint(s)

What is the purpose of the sales budget?

To determine the sales forecast Signup and view all the answers

What is the purpose of the monetary forecast?

To predict the major constraint(s) Signup and view all the answers

Which of the following is a component of a budget?

Sales forecast Signup and view all the answers

What is the purpose of the action plan in functional budgets?

To outline the steps required to achieve the objectives Signup and view all the answers

What is the purpose of sequencing activity programs and budgets?

To ensure that the budgets are aligned with the objectives Signup and view all the answers

What is the purpose of the production forecast in budgeting process?

To estimate the quantity of goods/services to be produced Signup and view all the answers

What is the purpose of support functions forecast in budgeting process?

To estimate the resources required for support functions Signup and view all the answers

Study Notes

Budgeting Process

Identifying organizational objectives is a step in the budgeting process.

Functional Budgets

The purpose of functional budgets is to outline the financial and non-financial resources required to achieve objectives.

Sequencing Budgets

The purpose of sequencing budgets is to prioritize and schedule activities and programs.

Sales Budget

The sales budget outlines projected sales in terms of quantity and value.

Monetary Forecast

The monetary forecast estimates the total amount of money required to achieve organizational objectives.

Budget Components

Revenue, expenses, assets, liabilities, and equity are all components of a budget.

Action Plan

The action plan in functional budgets outlines the specific steps needed to achieve objectives.

Sequencing Activity Programs and Budgets

The purpose of sequencing activity programs and budgets is to allocate resources and prioritize activities.

Production Forecast

The production forecast estimates the quantity of goods or services that need to be produced to meet sales demand.

Support Functions Forecast

The support functions forecast estimates the resources required by support functions such as HR and IT to support organizational objectives.

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Description

Master the budgeting process with this quiz on management accounting budgets per function. Test your knowledge on the steps, sequencing, components, and characteristics of budgets. Designed by experts Isabelle GIGNON-MARCONNET and Anne PERRET, with translation and adaptation by Henry CLAVIJO.