Fill in the Blanks: Chapter Twenty-One
1. A ____________ budget is a formal quantitative expression of management expectations.
2. With the ____________top-down approach upper-level executives can study the interactions of lower units and determine the consistency of each unit's plans and expectations.
3. The ____________ bottom-upmethod is time consuming and expensive to administer because of increased employee involvement.
4. Intentionally overstating various anticipated costs is called budgetary ____________slack .
5. In contrast to incremental budgeting, ____________zero-based budgeting requires that each expenditure be rejustified for each budget period.
6. A ____________ masterbudget is a comprehensive set of integrated budgets that serve as the financial plan for the entire organization.
7. The ____________sales budget is probably the most important element of a master budget.
8. The ____________factory overhead budget incorporates all production costs other than direct material and direct labor.
9. In a cash budget, the ____________receipts section discloses the total cash available during the period before considering any disbursement.
10. In a cash budget the ____________financing section provides a schedule of borrowings and repayments and also discloses the related interest payment on borrowed funds.
11. A ____________continuous budget covers a one-year period, however, a new month is added as the current month is completed.
12. The preparation of budgeted financial statements is often called the preparation of ____________ pro formastatements.
13. A budgetary restriction occurring in advance of the related expenditure is often known as an ____________encumbrance.