ACC 241: Exam 3 Study Guide with Complete Solutions
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Course
ACC 241
Institution
ACC 241
ACC 241: Exam 3 Study Guide with
Complete Solutions
Master Budget - ️️ Correct-- 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-Group of se...
Production Budget - ✔️✔️Correct-Used to forecast how many units should be made to
meet the sales projections.
Zero Based Budgeting - ✔️✔️Correct-When an organization builds its budgets from the
ground up.
Strategic Planning - ✔️✔️Correct-A process of setting long term goals that may extend
several years into the future.
Slack - ✔️✔️Correct-When managers make room into their budgets to protect themselves
against unanticipated expenses or lower revenues.
Variance - ✔️✔️Correct-The difference between actual and budgeted figures and is used
to evaluate how well the manager controlled operations during the period.
Safety Stock - ✔️✔️Correct-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-sales budgets and productions budgets are examples
of. . .
Participative Budgeting - ✔️✔️Correct-budgeting process that begins with departmental
managers and flows up through middle management to top management.
Cost Center - ✔️✔️Correct-Responsible for costs incurred but have no revenue
responsibilities.
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