Budgeting

Question 1

responsibility accounting

Answer 1

is that managers should be held responsible for those items—and only those items—that they can actually influence to a significant extent

Question 2

continuous or perpetual budget

Answer 2

s a 12-month budget that rolls forward one month (or quarter) as the current month (or quarter) is completed.

Question 3

participatative budget

Answer 3

managers prepare their own estimates