Reference no: EM132657014

Problem 1: The major objectives of any budget system are to

a. Define responsibility centres, facilitate the fixing of blame for missed budget predictions, and ensure goal congruence between superiors and subordinates.

b. Foster the planning of operations, provide a framework for performance evaluation, and promote communication and coordination among organization segments.

c. Define responsibility centres, provide a framework for performance evaluation, and promote communication and coordination among organization segments.

d. Foster the planning of operation, facilitate the fixing of blame for missed budget prediction, and ensure goal congruence between superiors and subordinates. (cma)

Problem 2: A budget manual, which enhances the operation of budget system, is most likely to include

a. Employee hiring policies.

b. Distribution instructions for budget schedules

c. A chart of accounts.

d. Documentation of the accounting system software

e. Company policies regarding the authorization of transactions. (cma)

Problem 3: A planning calendar in budgeting is the

a. Schedule of activities for the development and adoption of the budget.

b. Calendar period covered by the annual budget and the long-range plan.

c. Calendar period covered by the budget.

d. Sales forecast by months in the annual budget period.

e. Schedule of dates at which economic goals are to be met (cma)