Hi

Question 1

for acquiring and using financial and other resources over a specified period

Answer 1

Detailed plan

Question 2

Detailed plan involves two stages

Answer 2

Planning
Coordination and communication
Benchmarking

Question 3

Formal summary of the company’s plans that gets specific targets for sales, production, material purchases financing activities and end in projected financial statements.

Answer 3

Master budget

Question 4

Types of budget

Answer 4

Operating
Capital expenditures
Financial

Question 5

An effective budgeting technique whereby the entire organization is involved in the budgeting process

Answer 5

Participative budgeting

Question 6

Budget prepared for only one level of activity/sales volume.

Answer 6

Static budget

Question 7

Budget prepared for various levels of activity / sales volume

Answer 7

Flexible budget

Question 8

Order of budget preparation

Answer 8

Sales
Selling and administrative expenses
Production
Materials Purchase
Direct labor
Manufacturing overhead
Cash
Capital
Projected financial statements