Flash Cards for Accounting 2
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Term A budget can be a means of communicating a company 's objectives to external parties. (T/F) | | Definition False | | | Term A benefit of budgeting is that it provides objectives for evaluating performance (T/F) | | Definition True | | | Term A budget can be used as a basis for evaluating performance (T/F) | | Definition True | | | Term A well-developed budget can operate and enforce itself. (T/F) | | Definition False | | | Term The budget itself and the administration of the budget are the responsibility of the accounting department. (T/F) | | Definition False | | | Term The flow of input data for budgeting should be from the highest levels of responsibility to the lowest. (T/F) | | Definition False | | | Term Effective budgeting requires clearly defined lines of authority and responsibility. (T/F) | | Definition True | | | Term Budgets can have a positive or negative effect on human behavior depending on the manner in which the budget is developed and administered. (T/F) | | Definition True | | | Term A budget can facilitate the coordination of activities among the segments of a large company. (T/F) | | Definition True | | | Term The longer the budget period, the more reliable the estimates of future outcomes. (T/F) | | Definition False | | | Term The budget committee has the responsibility for coordinating the preparation of the budget. (T/F) | | Definition True | | | Term The budget is developed within the framework of a sales forecast. (T/F) | | Definition True | | | Term Budgeting and long-range planning are two terms that describe the same process. (T/F) | | Definition False | | | Term Long-range plans are used more as a review of progress toward long-term goals rather than an evaluation of specific results to be achieved. (T/F) | | Definition True | | | Term The
Term A budget can be a means of communicating a company 's objectives to external parties. (T/F) | | Definition False | | | Term A benefit of budgeting is that it provides objectives for evaluating performance (T/F) | | Definition True | | | Term A budget can be used as a basis for evaluating performance (T/F) | | Definition True | | | Term A well-developed budget can operate and enforce itself. (T/F) | | Definition False | | | Term The budget itself and the administration of the budget are the responsibility of the accounting department. (T/F) | | Definition False | | | Term The flow of input data for budgeting should be from the highest levels of responsibility to the lowest. (T/F) | | Definition False | | | Term Effective budgeting requires clearly defined lines of authority and responsibility. (T/F) | | Definition True | | | Term Budgets can have a positive or negative effect on human behavior depending on the manner in which the budget is developed and administered. (T/F) | | Definition True | | | Term A budget can facilitate the coordination of activities among the segments of a large company. (T/F) | | Definition True | | | Term The longer the budget period, the more reliable the estimates of future outcomes. (T/F) | | Definition False | | | Term The budget committee has the responsibility for coordinating the preparation of the budget. (T/F) | | Definition True | | | Term The budget is developed within the framework of a sales forecast. (T/F) | | Definition True | | | Term Budgeting and long-range planning are two terms that describe the same process. (T/F) | | Definition False | | | Term Long-range plans are used more as a review of progress toward long-term goals rather than an evaluation of specific results to be achieved. (T/F) | | Definition True | | | Term The