Budgeting

Last edit was I hour ago jia 12 + BIUA. 2 3 1 5 1 2. All of the following are true statements about the role of budgets and budgeting EXCEPT: a. A budget is a quantitative summary of the expected allocations and financial consequences of the organization's short-term operating activities. b. Cash budgeting includes the process of estimating cash inflows and outflows in order to determine a financial plan that will meet an organization's objectives. c. The difference between actual results and the flexible budget are called flexible budget variances. d. Budgeting solves most short-term business challenges. 3. Budgeting provides all of the following EXCEPT: a. A means to communicate the organization's short-term goals to its members. b. An ethical framework for decision making. c. Support for the management functions of planning, implementation, and control. d. A means to anticipate problems. 4. When discussing the roles of budgets, a control role includes: a. Developing the master budget. b. Developing short-term goals. c. Measuring and assessing performance against budgeted amounts. d. Developing long-term strategies. 5. What is the role of budgeting? List some purposes addressed by budgeting and the reasons why organizations prepare budgets