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14) Sales forecasts are usually prepared under the direction of the top sales executive.

15) The sales budget should be the responsibility of line management.

16) The most forward-looking and least detailed budget is the strategic plan.

17) A decision made during long-range planning includes whether to delete a product from a company's product line.

7.5   Questions

1) Which budget guides day-to-day operations in a business?

A) sales budget

B) strategic plan

C) master budget

D) long-range plan

2) In a master budget, the schedule of cash disbursements for operating expenses is used to prepare the ________.

A) capital budget

B) purchases and cost of goods sold budget

C) sales budget

D) cash budget

3) In a master budget, the schedule of cash disbursements for purchases of inventory is used to prepare the ________.

A) operating expense budget

B) purchases budget

C) capital budget

D) cash budget

4) In a master budget, a capital budget is used to prepare the ________.

A) sales budget

B) budgeted income statement

C) purchases and cost of goods sold budget

D) cash budget

5) The master budget is a detailed and comprehensive analysis of the ________ of the ________ plan.

A) first month; activity-based strategic

B) first month; strategic

C) first year; continuous

D) first year; long-range

6) The two main components of the master budget are the ________.

A) cash budget and the capital budget

B) purchases budget and the budgeted income statement

C) budgeted income statement and the budgeted balance sheet

D) operating budget and the financial budget

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Accounting 3 Months Ago 6 Views
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