Budgeting MCQs

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1. The use of budgets to control a firm’s activities is called:

 
 
 
 

2. The term which refers to management being held responsible for those items and only those items that management can actually control:

 
 
 
 

3. A 12-month budget that rolls forward (one month is added the end of the budget as each month comes to a close) at a time is called:

 
 
 
 

4. A budget that requires management to justify all expenditures, rather than just changes from the previous year, is referred to as:

 
 
 
 

5. Usually, the first step in the production of the master budget is the:

 
 
 

6. Which of the following is true about the company’s direct materials budget?

 
 
 
 

7. Which of the following is not a section of the Cash budget?

 
 
 
 

Next Quiz: Flexible Budgets

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