Reference no: EM132657010
Question 1.) These statements are proper to the budgeting process
a. It is a tool to orchestrate the various functions of operations in a business.
b. The involvement of various levels of individuals in the company is necessary to gain acceptance and attain its goals.
c. It is a part of management's responsibility to plan the use of its resources.
d. Actual results need not be compared with plan, since the process ends after the budget is approved.
Question 2.) Which of these statements are advantages of profit planning?
1. Develops profit-mindedness, encourages cost consciousness and resource utilization throughout the company.
2. Provides vehicle to communicate objectives, gain support for the plan, of what is expected, thereby developing a sense of commitment to achieve established goals.
3. Provides yardstick to evaluate actual performance; encouraging efficiency increasing output and reducing cost.
4. Provides a sense of direction for the company and enhances coordination of business activity
5. Eliminates or takes over the role of administration by providing detailed information that allows executives to operate toward achievement of the organization's objectives.
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