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ACC 350 WK 7 Quiz 5 Chapter 6 – All Possible Questions

ACC 350 WK 7 Quiz 5 Chapter 6 – All Possible Questions
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ACC 350 WK 7 Quiz 5 Chapter 6 – All Possible Questions

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1) Few businesses plan to fail, but many of those that don’t succeed have failed to plan.
2) The master budget reflects the impact of operating decisions, but not financing decisions.
3) Budgeted financial statements are also referred to as pro forma statements.
4) Budgeting includes only the financial aspects of the plan and not any nonfinancial aspects such as the number of physical units manufactured.
5) Budgeting helps management anticipate and adjust for trouble spots in advance.
6) Budgets can play both planning and control roles for management. 7) Long-run planning and short-run planning are best performed independently of each other. 8) Operating decisions deal with how to best use the limited resources of an organization.
9) Investing decisions deal with how to obtain the funds to acquire resources.
10) Budgeted financial statements are called pro forma statements.
11) After a budget is agreed upon and finalized by the management team, the amounts should not be changed for any reason.
12) Even in the face of changing conditions, attaining the original budget is critical. 13) Lower-level managers will not actively participate in the budget process if they perceive upper management does not believe in the process.
14) A four-quarter rolling budget encourages management to be thinking about the next 12 months. 15) A rolling budget is the same as a continuous budget.
16) Research has shown that challenging budgets (rather than budgets that can be easily attained) are energizing and improve performance.
17) The revenue budget and the budgeted income statement are…

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