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ACC 241 Exam 3|114 Questions with Verified Answers,100% CORRECT
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ACC 241 Exam 3|114 Questions with Verified Answers
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ACC 241 Exam 3|114 Questions with Verified AnswersMaster 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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