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Chapter 9 Quiz 4
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1
The annual budget consists of the budgeted income statement, the budgeted balance sheet, the cash budget and the capital expenditure budget:
A)True
B)False
2
Responsibility accounting is the practice of holding managers responsible for the activities and performance of their area of the business:
A)True
B)False
3
Zero-base budgeting is a relatively inexpensive process as it requires minimal analysis of activities every three or four years:
A)True
B)False
4

The budgeting process serves five main purposes. They are:

  • planning
  • facilitation of communication and coordination
  • resource allocation
  • control of profit and operations
  • employee empowerment
A)True
B)False
5
A budgeted income statement sets out the expected financial position at the end of the budget period:
A)True
B)False
6
Budgetary slack is the difference between the revenue or cost projection that a person provides and a realistic estimate of that revenue or cost:
A)True
B)False
7
Employee empowerment is the practice of giving employees less responsibility to encourage them to focus on operational tasks:
A)True
B)False





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