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ACCT2101 Exam 2 Review

Authored by Jewel Lewis

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ACCT2101 Exam 2 Review
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 9) Which of the following is not a benefit of budgeting?

Management can plan ahead

An early warning system is provided for potential problems

It enables disciplinary action to be taken at every level if responsibility

The coordination of activities is facilitated

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 9) A budget:

is the responsibility of management accountants

is the primary method of communicating agreed-upon objectives throughout an organization

ignores past performance because it represents management's plans for a future time period

may promote efficiency but has no role in evaluating performance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 9) The essentials of effective budgeting do not include:

top-down budgeting

management acceptance

research and analysis

sound organizational structure

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 9) The equation for the production budget is budgeted sales in units plus:

desired ending merchandise inventory less beginning merchandise inventory

beginning finished goods units less desired ending finished goods units

desired ending direct materials units less beginning direct materials units

desired ending finished goods units less beginning finished goods units

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 9) Each of the following budgets is used in preparing the budgeted income statement except the:

sales budget

selling and administrative expense budget

capital expenditure budget

direct labor budget

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 10) Budgetary control involves all but one of the following:

modifying future plans

analyzing differences

using static budgets but not flexible budgets

determining differences between actual and planned results

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(Ch 10) Depending on the nature of the report, budget reports are prepared:

daily

weekly

monthly

all of the answer choices are correct

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