Exercise 20-2 Budget definitions Lo C1 Terms Select each of the terms with the best description of its purpose Definitions 1. Management's use of budgets to see that planned objectives are met 2. Aplan showing units to be sold; the usual starting point in the master budget process 3. A budgetary cushion used to meet performance targets. 4. Budgets that are revised by adding a new quarterly budget to replace the quarter that just elapsed 5. A report that shows predicted balances of assets, abilities and equity at the end of a budget period. 6. Shows the number of units for a manufacturer to produce in a period. 7. A report that shows predicted revenues for a budgeting period. 8. Employees atfected Exercise 20-2 Budget definitions Lo C1 Terms Select each of the terms with the best description of its purpose Definitions 1. Management's use of budgets to see that planned objectives are met 2. Aplan showing units to be sold; the usual starting point in the master budget process 3. A budgetary cushion used to meet performance targets. 4. Budgets that are revised by adding a new quarterly budget to replace the quarter that just elapsed 5. A report that shows predicted balances of assets, abilities and equity at the end of a budget period. 6. Shows the number of units for a manufacturer to produce in a period. 7. A report that shows predicted revenues for a budgeting period. 8. Employees atfected