![]() Long-range plans are used more as a review of progress toward long-term goals rather The budget is developed within the framework of a sales forecast.īudgeting and long-range planning are two terms that describe the same process. The budget committee has the responsibility for coordinating the preparation of the The longer the budget period, the more reliable the estimates of future outcomes. Manner in which the budget is developed and administered.Ī budget can facilitate the coordination of activities among the segments of a large The flow of input data for budgeting should be from the highest levels of responsibility toīudgets can have a positive or negative effect on human behavior depending on the The budget itself and the administration of the budget are the responsibility of theĮffective budgeting requires clearly defined lines of authority and responsibility. Exīudgets are statements of management's plans stated in financial terms.Ī benefit of budgeting is that it provides definite objectives for evaluating performance.Ī budget can be a means of communicating a company's objectives to external parties.Ī budget can be used as a basis for evaluating performance.Ī well-developed budget can operate and enforce itself. ![]() Item Type Item Type Item Type Item Type Item Type Item Type Item Type ![]() 6 K SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE Test Bank for Accounting Principles, Eighth EditionĢ3 - 2 SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Exercises 159. St This question also appears in a self-test at the student companion website. Sg This question also appears in the Study Guide. Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements CHAPTER 23 BUDGETARY PLANNING SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY ![]()
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