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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 21- Goals Achievement

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Chapter 21- Goals Achievement

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Goals Achievement
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Question 1 of 11

1. Question
Budgets serve to formalize the planning process but ordinarily should not serve as a basis for performance evaluation.
- true
- false
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Question 2 of 11

2. Question
In large organizations, a benefit of the budgeting process is to assist in communication and coordination of company plans and objectives.
- true
- false
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Question 3 of 11

3. Question
Which budget approach rarely involves lower-level personnel during the budget construction process?
- top-down approach
- bottom-up approach
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Question 4 of 11

4. Question
The bottom-up budgeting approach can be described as:
- participative
- imposed
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Question 5 of 11

5. Question
Slack may permeate the entire budgetary process and sometimes tends to perpetuate itself.
- true
- false
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Question 6 of 11

6. Question
Capital expenditure budgets may cover a long-term horizon of as much as five to ten years.
- true
- false
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Question 7 of 11

7. Question
For purposes of control and evaluation, operating budgets should not be subdivided into quarters or months.
- true
- false
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Question 8 of 11

8. Question
Perhaps the most significant limitation of budgeting is the:
- amount of preparation required
- human relations and administration issues
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Question 9 of 11

9. Question
Which of the following types of budgets serve as the beginning of the entire budgetary process?
- sales budget
- cash budget
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Question 10 of 11

10. Question
The direct material purchases budget probably depends most significantly on the:
- production budget
- sales budget
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Question 11 of 11

11. Question
Because fixed factory overhead costs tend to be the same no matter the volume, they should not be included in the total factory overhead budget.
- true
- false
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Illustrative Entries

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Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

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Includes financial and managerial terms

Time Value of Money

Future and present value tables

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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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