Budgeting Paper 1

1

All of the following are advantages of the use of budgets in a management control system except that budgets






2

In the budgeting and planning process for a firm, which one of the following should be completed first?






3

Each organization plans and budgets its operations for slightly different reasons. Which one of the following is not a significant reason for planning?






4

Which one of the following best describes the role of top management in the budgeting process? Top management






5

Which one of the following is usually not cited as being an advantage of a formal budgetary process?






6

The major objectives of any budget system are to






7

One of the primary advantages of budgeting is that it






8

A budget helps a company control costs by setting cost guidelines. However, a budget also performs the function(s) of






9

When comparing performance report information for top management with that for lower-level management,






10

An improperly executed budget process might have the effect(s) of






Result

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