LO1: The basic idea underlying responsibility accounting is that a manager should be held responsible for those items-and only those items-that the manager can actually control to a significant extent. O True O False LO2: Cash collections in a schedule of cash collections typically consist of collections on sales made to customers in prior periods plus collections on sales made in the current budget period. O True O False LO3: In a production budget, if the number of units in finished goods inventory at the end of the period is less than the number of units in finished goods inventory at the beginning of the period, then the expected number of units sold is less than the number of units to be produced during the period. O True O False LO4: When preparing a direct materials budget, beginning inventory for raw materials should be added to production needs, and desired ending inventory should be subtracted to determine the amount of raw materials to be purchased. O True O False LO5: The direct labor budget begins with the required production in units from the production budget. O True O False LO6: In the manufacturing overhead budget, the non-cash charges (such as depreciation) are deducted from the total budgeted manufacturing overhead to determine the expected cash disbursements for manufacturing overhead. O True O False LO7: The selling and administrative expense budget lists all costs of production other than direct materials and direct labor. O True False LO8: The disbursements section of a cash budget consists of all cash payments for the period except cash payments for dividends. O True O False