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Chapter 22: Q2TI (page 1190)

Match the budget types to the definitions.

Budget Types Definitions

5. Financial a. Includes sales, production, and cost of goods sold budgets

6. Flexible b. Long-term budgets

7. Operating c. Includes only one level of sales volume

8. Operational d. Includes various levels of sales volumes

9. Static e. Short-term budgets

10. Strategic f. Includes the budgeted financial statements

Short Answer

Expert verified
  1. f.
  2. d.
  3. a.
  4. e.
  5. c.
  6. b.

Step by step solution

01

Meaning of Budget

A budget is afinancial planprepared by the managers to achieve the organization鈥檚 goals and objectives.

02

Matching budget types to the definitions

Type of Budget

Definitions

5. Financial

f. Includes the budgeted financial statements

6. Flexible

d. Includes various levels of sales volumes

7. Operating

a. Includes sales, production, and cost of goods sold budgets

8. Operational

e. Short-term budgets

9. Static

c. Includes only one level of sales volume

10.Strategic

b. Long-term budgets

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Most popular questions from this chapter

Connor Company began operations on January 1 and has projected the following selling and administrative expenses:

Rent Expense $ 1,000 per month, paid as incurred

Utilities Expense 500 per month, paid in month after incurred

Depreciation Expense 300 per month

Insurance Expense 100 per month, 6 months prepaid on January 1

Determine the cash payments for selling and administrative expenses for the first three months of operations.

Budgeting types Consider the following budgets and budget types.

Cash Cost of Goods Sold

Flexible Master

Operational Sales

Static Strategic

Which budget or budget type should be used to meet the following needs?

a. Upper management is planning for the next five years.

b. A store manager wants to plan for different levels of sales.

c. The accountant wants to determine if the company will have sufficient funds to pay expenses.

d. The CEO wants to make companywide plans for the next year.

Describing master budget components

Sarah Edwards, division manager for Pillows Plus, is speaking to the controller, Diana Rothman, about the budgeting process. Sarah states, 鈥淚鈥檓 not an accountant, so can you explain the three main parts of the master budget to me and tell me their purpose?鈥� Answer Sarah鈥檚 question.

Match the following statements to the appropriate budgeting objective or benefit: developing strategies, planning, directing, controlling, coordinating and communicating, and benchmarking.

1. Managers are required to think about future business activities.

2. Managers use feedback to identify corrective action.

3. Managers use results to evaluate employees鈥� performance.

4. Managers work with managers in other divisions.

Why is the sales budget considered the cornerstone of the master budget?
See all solutions

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