1.Long-run planning (strategic plans) involves the preparation of the

2.Direct material purchases equal

3.The budgeting process generally concludes with the preparation of the*

4The budgeting process generally concludes with the preparation of the*

5.Which of the following statements is TRUE concerning controllability of costs?*

6.A variance is considered to be

7.The budgeted balance sheet must be prepared prior to the cash budget so that the required cash balance can be determined.