Budgeted depreciation expense would not appear on a: a. Selling and administrative expense budget. b. Budgeted income statement. c. Cash budget. d. All of these answers are correct.

Which of the following statements is true? a. Fixed costs are sometimes relevant for decision making. b. Opportunity costs are never relevant to decision making. c. Information must be exactly accurate to be relevant to decision making. d. A cost that is relevant in one decision context is relevant in other decision contexts.

Select the correct statement regarding relevant costs and revenues. a. Sunk costs are relevant for decision-making purposes. b. Relevant costs are frequently called unavoidable costs. c. Direct labor is an example of a unit-level cost. d. Only variable costs are relevant for decision making.

Expected future revenues that differ among the alternatives under consideration are often referred to as: a. Alternative revenues. b. Preferential revenues. c. Relative revenues. d. Differential revenues.

The benefits sacrificed when one alternative is chosen over another are referred to as: a. Avoidable costs. b. Opportunity costs. c. Sacrificial costs. d. Beneficial costs.

Select the correct statement about the master budget. a. The master budget is a group of detailed budgets and schedules representing the company's operating and financial plans for the past accounting period. b. The master budget usually includes operating budgets and capital budgets, and pro forma financial statements. c. The budgeting process usually begins with preparing the strategic budgets. d. Preparing the master budget begins with the cash budget.