22. The starting point in the preparation of the annual as well as monthly master budget prepared by the Budget Committee is the Select one: a. Cost center b. Responsibility center c. Investment center d. Cash budget

24. How are trade receivables used in the calculation of the Acid test (quick) ratio and Receivable turnover, respectively: Select one: a. Denominator; Denominator b. Not used; Numerator c. Numerator; Denominator d. Numerator; Numerator

26. Which one of the following items is the last schedule to be prepared in the normal budget preparation process? Select one: a. Cost of goods sold budget b. Selling expense budget c. Manufacturing overhead budget d. Cash budget

27. Which of the following objectives is not a primary purpose of preparing a budget? Select one: a. To make sure the Company expands its operations. b. To communicate the company's plans throughout the entire business organizations. c. To provide a basis for comparison of actual performance d. To control income and expenditures in a given period.