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ACC 561 WEEK 5 QUIZ Assignment

ACC 561 Week 5 Quizwww.StudentWhiz.com1. Why are budgets useful in the planning process• They enable the budget committee to earn their paycheck.
• They provide management with information about the company’s past performance.
• They help communicate goals and provide a basis for evaluation.
• They guarantee the company will be profitable if it meets its objectives.2. A common starting point in the budgeting process is
• a clean slate, with no expectations.
• expected future net income.
• past performance.
• to motivate the sales force.Want more details? Download now ACC 561 Week 5 Quiz3. Which of the following statements about budget acceptance in an organization is true• The most widely accepted budget by the organization is the one prepared by top management.
• Budgets are hardly ever accepted by anyone except top management.
• The most widely accepted budget by the organization is the one prepared by the department heads.
• Budgets have a greater chance of acceptance if all levels of management have provided input into the budgeting process.4. What is budgetary control• The process of providing information on budget differences to lower level managers
• Another name for a flexible budget
• The degree to which the CFO controls the budget
• The use of budgets in controlling operationsQuiz Answers just a click away ACC 561 Week 1 Quiz5. The comparison of differences between actual and planned results
• is done by the external auditors.
• appears on the company’s external financial statements.
• is usually done orally in departmental meetings.
• appears on periodic budget reports.6. A static budget
• should not be prepared in a company.
• is useful in evaluating a manager’s performance by comparing actual variable costs and planned variable costs.
• shows planned results at the original budgeted activity level.
• is changed only if the actual level of activity is different than originally budgeted….

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