ACC 350 Week 7 Quiz 5-Strayer Latest

This pack of ACC 350 Week 7 Quiz 5 - Strayer Latest encompasses:
Objective 6.1

1) Which of the following is true of a budget?
A) Budgets are used to express only the operational plans and not the strategic plans of a company.
B) Budgets do not account for nonfinancial aspects of the upcoming period.
C) Budgets are most useful when they are planned independent of the company's strategic plans.
D) Budgets help managers to revise their plans and strategies.

2) Which of the following is a financial budget?
A) budgeted balance sheet
B) cash receivables budget
C) production budget
D) cost of goods sold budget

3) Budgets are used to ________.
A) increase the book value of its assets
B) communicate with external stakeholders
C) calculate the income tax liability
D) formulate company strategies

4) Which of the following is true of master budgets?
A) They include only financial aspects of a plan and exclude nonfinancial aspects.
B) They aid in coordinating what needs to be done to implement a plan.
C) They aid in quantifying the expectations of all stakeholders.
D) They must be administered rigidly after they are committed to.

5) Operating decisions primarily deal with ________.
A) the best use of scarce resources
B) how to obtain funds to acquire resources
C) acquiring equipment and buildings
D) satisfying stockholders

6) Financing decisions primarily deal with ________.
A) the use of scarce resources
B) how to obtain funds to acquire resources
C) acquiring equipment and buildings
D) preparing financial statements for stockholders

7) A master budget ________.
A) is the initial plan of what the company intends to accomplish in the period and evolves from
both the operating and financing decisions
B) is a substitute for the management functions of planning and coordination
C) improves companies' market capitalization and evolves from both the investing and financing decisions
D) provides an ethical framework for decision making

8) Which of the following is generally expressed through a short-run budget?
A) operational plans
B) expansion plans
C) strategic plans
D) startup plans

9) Which of the following statements is true of budgets?
A) Master budgets express management's operating and financial plans.
B) Financial budgets are prepared before the master budget is prepared.
C) Operating budgets are prepared independently of the master budget.
D) Financial budgets are working documents at the core of the budgeting process.

10) A master budget forces managers to examine the business as they plan, so they can ________.
A) detect inaccurate historical records to avoid errors in budgets
B) set expectations against which actual results can be compared
C) complete the budgeting task on time
D) ensure that only financial risks and opportunities are incorporated

11) A budget is the quantitative expression of a proposed plan of action by management for a specified period.
12) A budget generally includes both financial and nonfinancial aspects of the plan.
13) An organization's strategy matches its capabilities with the opportunities in the marketplace to accomplish its objectives.
14) Budgeting includes only the financial aspects of the plan and NOT any nonfinancial aspects such as the number of physical units manufactured.
15) Operating plans are generally expressed through long-run budgets.
16) A budget aids to coordinate what needs to be done to implement the proposed plan.
17) Long-run planning and short-run planning are best performed independently of each other.
18) Financing decisions deal with how to best use the limited resources of an organization.
19) The feedback from budgets can lead to changes in plans and strategies.
20) Budgeted financial statements are called pro forma statements.
21) Describe the benefits of preparing an operating budget to an organization.

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