1.)These statements are proper to the budgeting process except (rpcpa)

a.It is a tool to orchestrate the various functions of operations in a business.

b.The involvement of various levels of individuals in the company is necessary to gain acceptance and attain its goals.

c.It is a part of management's responsibility to plan the use of its resources.

d.Actual results need not be compared with plan, since the process ends after the budget is approved.

2.)Which of these statements are advantages of profit planning?(rpcpa)

1.Develops profit-mindedness, encourages cost consciousness and resource utilization throughout the company.

2.Provides vehicle to communicate objectives, gain support for the plan, of what is expected, thereby developing a sense of commitment to achieve established goals.

3.Provides yardstick to evaluate actual performance; encouraging efficiency increasing output and reducing cost.

4.Provides a sense of direction for the company and enhances coordination of business activity

5.Eliminates or takes over the role of administration by providing detailed information that allows executives to operate toward achievement of the organization's objectives.

a.All five statements.

b.Statements 1, 3 and 4 only.

A.Statements 3, 4 and 5 only.

c.Statements 1, 2, 3 and 4 only.

3.)The major objectives of any budget system are to

a.Define responsibility centres, facilitate the fixing of blame for missed budget predictions, and ensure goal congruence between superiors and subordinates.

b.Foster the planning of operations, provide a framework for performance evaluation, and promote communication and coordination among organization segments.

c.Define responsibility centres, provide a framework for performance evaluation, and promote communication and coordination among organization segments.

d.Foster the planning of operation, facilitate the fixing of blame for missed budget prediction, and ensure goal congruence between superiors and subordinates.(cma)

4.)A budget manual, which enhances the operation of budget system, is most likely to include

a.Employee hiring policies.

b.Distribution instructions for budget schedules

c.A chart of accounts.

d.Documentation of the accounting system software

e.Company policies regarding the authorization of transactions.(cma)

5.) A planning calendar in budgeting is the

a.Schedule of activities for the development and adoption of the budget.

b.Calendar period covered by the annual budget and the long-range plan.

c.Calendar period covered by the budget.

d.Sales forecast by months in the annual budget period.

e.Schedule of dates at which economic goals are to be met(cma)

Answer the following and explain!