38. A formal statement of future plans, normally expressed in monetary terms, is a: A. Variance report.B. Position statement.C. Budget.D. Prospectus.E. Variance evaluation.

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39. The procedure of planning future business actions and expushing them as a formal plan is called: A. Budgeting.B. Cost accounting.C. Managerial bookkeeping.D. Variance analysis.E. Standard expense analysis.

40. For budgets to be effective: A. Goals must be attainable.B. Employees impacted by a budobtain need to be consulted when it is ready.C. Evaluations have to be made closely with opportunities to describe any type of failures.D. They need to be appropriately applied to prevent negative effects.E. All of these.

41. Which of the complying with is not a benefit of complying with a well-designed budgeting process? A. Improved decision-making processes.B. Imverified performance evaluations.C. Imconfirmed coordicountry of service activities.D. Assurance of future earnings.E. All of these are benefits of effective budgeting.

42. Which of the following is a advantage derived from budgeting? A. Budgeting focuses management's attention on the future.B. Budgeting offers coordicountry of departments.C. Budgeting gives a basis for evaluating performance.D. Budgeting provides inspiration for managers and also employees.E. All of these.

43. Which of the adhering to statements about budgeting is false? A. Budgeting is an assist to planning and also control.B. Budgets develop requirements for performance testimonial.C. Budgets aid coordinate the tasks of the whole company.D. Budgeting pressures managers to think ahead and also define long-variety objectives.E. The understand budget need to just be ready by peak administration.

44. A budgain is ideal defined as: A. A formal statement of a company's future plans commonly expressed in financial terms.B. A master regulate device.C. An informal statement of company future plans generally expressed in financial terms.D. The a lot of important component of a agency evaluation procedure.E. The minimum acceptable performance level.

45. Preparing a grasp budget is usually the duty of: A. The agency CEO.B. The marketing department.C. A budobtain committee.D. The chief financial officer.E. Lower level administration.

46. The most helpful budget figures are developed: A. From the "top-dvery own."B. From the "bottom-up" adhering to a participatory process.C. Solely by the budgain committee.D. By the CEO.E. After the audit duration has actually begun.

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47. The in its entirety coordinating activity of the budacquire process is the responsibility of the: A. Chief Accounting Officer.B. Chief Executive Officer (CEO).C. Chief Financial Officer (CFO).D. Budget Committee.E. Board of Directors.