ACC 241: Exam 3 Actual Questions And Correct Detailed Answers.
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Course
ACC.
Institution
ACC.
Master Budget - correct answer - Used to communicate management's plans for the upcoming period throughout the organization.
- Used to allocate a company's resources and coordinate its activities.
Budget Committee - correct answer Group of senior level managers responsible for devel...
Master Budget - correct answer - Used to communicate management's plans for the upcoming period
throughout the organization.
- Used to allocate a company's resources and coordinate its activities.
Budget Committee - correct answer Group of senior level managers responsible for developing
budgeting policies and overseeing the budget preparation process.
- President and VP in charge of sales, production, and purchasing.
Budget Order - correct answer 1. Sales
2. Production
3. Material, Labor, MOH
4. Ending Inventory
5. Selling Administrative Expenses
6. Cash
7. Income Statement and Balance Sheet
Rolling Budget - correct answer A budget that is continuously updated by adding months to the end
of the budgeting period.
Financial Budget - correct answer Projects both the collection and payment of cash and forecast the
company's budgeted balance sheet.
Production Budget - correct answer Used to forecast how many units should be made to meet the
sales projections.
, Zero Based Budgeting - correct answer When an organization builds its budgets from the ground up.
Strategic Planning - correct answer A process of setting long term goals that may extend several years
into the future.
Slack - correct answer When managers make room into their budgets to protect themselves against
unanticipated expenses or lower revenues.
Variance - correct answer The difference between actual and budgeted figures and is used to
evaluate how well the manager controlled operations during the period.
Safety Stock - correct answer Extra inventory of finished goods that is kept on hand in case demand is
higher than predicted or problems in the factory slow production.
Operating Budgets - correct answer sales budgets and productions budgets are examples of. . .
Participative Budgeting - correct answer budgeting process that begins with departmental managers
and flows up through middle management to top management.
Cost Center - correct answer Responsible for costs incurred but have no revenue responsibilities.
Revenue Center - correct answer Devoted to raising revenues with no responsibility for production.
Used to generate sales revenue.
Profit Center - correct answer Responsible for generating and maximizing profits.
Performance is measured in both terms of expenses and revenues.
Investment Center - correct answer Concerned with carrying an adequate return on investment.
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