22. Which of the following statements is false? A) The standard cost of a product is equivalent to the budgeted cost per unit of product. B) In concept, standards and budgets are essentially the same. C) A standard is a unit amount. D) A standard cost is more accurate than a budgeted cost. 23. Generally, the most important category on the statement of cash flows is cash flows from A) investing activities. B) financing activities. C) operating activities. D) significant noncash activities. HAT 24. The formula for determining budgeted merchandise purchases is budgeted A) production + desired ending inventory- beginning inventory. B) cost of goods sold + beginning inventory desired ending inventory. C) sales + beginning inventory- desired ending inventory. D) cost of goods sold + desired ending inventory- beginning inventory. 25. Standard costs may be used by A) governmental agencies. B) charitable organizations. C) universities. D) all of these. 26. For a merchandiser, the starting point in the development of the master budget is the A) sales budget. B) budgeted income statement. C) selling and administrative expenses budget. D) cash budget