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ACC 241: Exam 3 Actual Questions And Correct Detailed Answers.

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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...

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  • September 19, 2024
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ACC 241: Exam 3

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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