ACC561 ACC/561 WEEK 5 QUIZ (12/12) - 75738

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Question 1

Why are budgets useful in the planning process?

They enable the budget committee to earn their paycheck.

They provide management with information about the company's past performance.

They help communicate goals and provide a basis for evaluation.

They guarantee the company will be profitable if it meets its objectives.

Question 2

A common starting point in the budgeting process is

past performance.

a clean slate, with no expectations.

expected future net income.

to motivate the sales force.

Question 3

Which of the following statements about budget acceptance in an organization is true?

The most widely accepted budget by the organization is the one prepared by top management.

The most widely accepted budget by the organization is the one prepared by the department heads.

Budget

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