ACC 560 Week 7 Quiz – Strayer NEW


Click On The Link Below to Purchase A+ Graded Material
Instant Download

http://budapp.net/ACC-560-Week-7-Quiz-Strayer-NEW-ACC560W7Q.htm


Week 7 Quiz 6: Chapters 9 and 10

Chapter 9

TRUE-FALSE STATEMENTS

    1.     Budgets are statements of management's plans stated in financial terms.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    2.     A benefit of budgeting is that it provides definite objectives for evaluating performance.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    3.     A budget can be a means of communicating a company's objectives to external parties.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    4.     A budget can be used as a basis for evaluating performance.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    5.     A well-developed budget can operate and enforce itself.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    6.     The budget itself and the administration of the budget are the responsibility of the accounting department.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    7.     Effective budgeting requires clearly defined lines of authority and responsibility.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

    8.     The flow of input data for budgeting should be from the highest levels of responsibility to the lowest.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Budget Preparation

    9.     Budgets can have a positive or negative effect on human behavior depending on the manner in which the budget is developed and administered.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Management, AICPA PC: Interaction, IMA: Performance Measurement

  10.     A budget can facilitate the coordination of activities among the segments of a large company.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Budget Preparation

  11.     The longer the budget period, the more reliable the estimates of future outcomes.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Budget Preparation

  12.     The budget committee has the responsibility for coordinating the preparation of the budget.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: Leadership, IMA: Budget Preparation

  13.     The budget is developed within the framework of a sales forecast.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation
  14.     Budgeting and long-range planning are two terms that describe the same process.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  15.     Long-range plans are used more as a review of progress toward long-term goals rather than an evaluation of specific results to be achieved.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  16.     The master budget reflects management's long-term plans encompassing five years or more.

Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  17.     The master budget consists of operating and financial budgets.

Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  18.     Financial budgets must be completed before the operating budgets can be prepared.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  19.     The direct materials budget must be completed before the production budget because the quantity of materials available for production must be known.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  20.     The number of direct labor hours needed for production is obtained from the production budget.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  21.     A manufacturing overhead budget is not needed if the company develops a predeter-mined overhead rate to apply overhead.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  22.     The manufacturing overhead budget generally has separate sections for variable, mixed, and fixed costs.

Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  23.     A production budget should be prepared before the sales budget.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  24.     The direct materials budget contains both quantity and cost data.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  25.     The budgeted income statement indicates the expected profitability of operations for the next year.

Ans: LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation
  26.     If a monthly cash budget is prepared properly, there will never be a cash deficiency at the end of any month.

Ans: LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  27.     The budgeted balance sheet is prepared entirely from the budgets for the current year.

Ans: LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  28.     The starting point when budgeting for a not-for-profit organization is generally to budget expenditures first.

Ans: LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  29.     A merchandiser has a merchandise purchases budget rather than a production budget.

Ans: LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  30.     A critical factor in budgeting for a service firm is to determine the amount of products to purchase.

Ans: LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  31.     The budget itself and the administration of the budget are entirely accounting responsibilities.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  32.     Financial planning models and statistical and mathematical techniques may be used in forecasting sales.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  33.     The direct materials budget is derived from the direct materials units required for production plus desired ending direct materials units less beginning direct materials units.

Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  34.     The manufacturing overhead budget shows the expected manufacturing overhead costs.

Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  35.     In order to develop a budgeted balance sheet, the previous year's balance sheet is needed.

Ans: LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  36.     In service enterprises, the critical factor in budgeting is coordinating materials and equipment with anticipated services.

Ans: LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

MULTIPLE CHOICE QUESTIONS

  37.     Why are budgets useful in the planning process?
a.   They provide management with information about the company's past performance.
b.   They help communicate goals and provide a basis for evaluation.
c.   They guarantee the company will be profitable if it meets its objectives.
d.   They enable the budget committee to earn their paycheck.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  38.     A budget
a.   is a substitute for management.
b.   is an aid to management.
c.   can operate or enforce itself.
d.   is the responsibility of the accounting department.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Problem Solving, IMA: Budget Preparation

  39.     Accounting generally has the responsibility for
a.   setting company goals.
b.   expressing the budget in financial terms.
c.   enforcing the budget.
d.   administration of the budget.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling

Comments

Post a Comment

Popular posts from this blog

MKT 506 Week 7 Assignment 3 – Strayer

Click On The Link Below to Purchase A+ Graded Material Instant Download http://budapp.net/MKT-506-Week-7-Assignment-3-Strayer-NEW-MKT506A3.htm Assignment 3: Media Advertising Due Week 7 and worth 130 points Assume you are performing your due diligence to develop an advertising approach for a product you think will best be served by using social media. Part I: Identify the product and what form of social media you would use to advertise this media. Part II: Create a checklist you would follow to deploy this ad. Part III: Close the loop ·          In bullet format, provide three (3) risks associated with the approach you selected. ·          Then, identify what selling tactic would best align with your goals. ·          In two (2) paragraphs, describe how advertising on the Internet could lead to profitability. Your assignmen...
Read more

PAD 500 Week 7 Assignment 3 – Strayer

Click On The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/PAD-500-Assignment-3-Strayer-NEW-PAD500A3.htm Assignment 3: The Concept of Program Reengineering Due Week 7 and worth 250 points Based on the Case Study: Mayor Schell’s Zero Homeless Family Strategy (PDF), write a 4-5 page paper in which you: 1.   Analyze four (4) policy choices of Mayor Schell that were made as part of the strategy for the homeless. 2.   Analyze the Pre-Implementation and Design Strategies of Mayor Schell and interpret four (4) practical outcomes of his choices. 3.   Reconstruct four (4) steps taken by Mayor Schell to reengineer the program in order to fit the new objectives. 4.   Analyze four (4) reasons for the importance of conducting assessments prior to new program implementation. 5.   Research at least four (4) peer-reviewed academic sources. Your assignment must:           ...
Read more

PAD 530 Week 7 Assignment 3 – Strayer

Click On The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/PAD-530-Assignment-3-Strayer-NEW-PAD530A3.htm Assignment 3: Agency’s Law and Ethics of Hiring a Diverse Workforce, Part 3 Due Week 7 and worth 180 points Refer to the Scenario for Assignments 1, 2, 3, 4, and 5 Write a four to six (4-6) page paper in which you: 1.   Revise the previous assignment based on your professor’s feedback. 2.   Analyze at least three (3) laws and court decisions that have implications to the agency’s personnel management. (Title this section Laws Affecting the Agency) 3.   Analyze at least five (5) of the major components of the agency’s human resource system’s goals and practices regarding the recruitment and hiring of a diversified workforce, including race, ethnicity, gender, age, and sexual orientation. (Title this section Personnel Recruitment and Hiring Practices) 4.   Evaluate the agency’s approach to ethics and diversity tr...
Read more