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AC-642 Final Questions And Answers Latest Update

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AC-642 Final Questions And Answers Latest Update

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  • November 1, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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Solution 2024/2025
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AC-642 Final Questions And Answers Latest
Update

Administrative expense budget ANS✔✔ a budget consisting of estimated
expenditures for the overall organization and operation of the company.



Budget committee ANS✔✔ a committee responsible for setting budgetary
policies and goals, reviewing and approving the budget, and resolving any
differences that may arise in the budgetary process.



Budget director ANS✔✔ the individual responsible for coordinating and
directing the overall budgeting process.



Budgetary slack ANS✔✔ the process of padding the budget by
overestimating costs and underestimating revenues.



Budgets ANS✔✔ a plan of action expressed in financial terms.



Capital expenditures budget ANS✔✔ a financial plan outlining the
acquisition of long-term assets.



Cash budget ANS✔✔ a detailed plan that outlines all sources and uses of
cash.



Continuous budget ANS✔✔ a moving 12-month budget with a future month
added as the current month expires.

, Solution 2024/2025
Pepper



Control ANS✔✔ the process of setting standards, receiving feedback on
actual performance, and taking corrective action whenever actual
performance deviates significantly from planned performance.



Controllable costs ANS✔✔ costs that managers have the power to influence.



Direct labor budget ANS✔✔ a budget showing the total direct labor hours
needed and the associated cost for the number of units in the production
budget.



Direct materials purchases budget ANS✔✔ a budget that outlines the
expected usage of materials production and purchases of the direct
materials required.



Dysfunctional behavior ANS✔✔ individual behavior that conflicts with the
goals of the organization.



Effectiveness ANS✔✔ the manager's performance of the right activities.
Measures might focus on value-added versus non-value-added activities.



Efficiency ANS✔✔ the performance of activities. May be measured by the
number of units produced per hour or by the cost of those units.



Ending finished goods inventory budget ANS✔✔ a budget that describes
planned ending inventory of finished goods in units and dollars.



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