FILL IN THE FOLLOWING TERMINOLOGIES IN THE APPROPARIATE SPACES. _____ 1. a. An e
ID: 2392319 • Letter: F
Question
FILL IN THE FOLLOWING TERMINOLOGIES IN THE APPROPARIATE SPACES.
_____ 1. a. An extensive analysis of the first year of a long-range plan summarizing the planned activities of all subunits of an organization. _____ 2. b. A form of a master budget that adds a month in the future as the month just ended is completed. _____ 3. c. Budgets formulated with the active participation of all affected employees. _____ 4. d. The part of a master budget that focuses on the schedules needed to produce an income statement. _____ 5. e. A variance that occurs when actual revenue falls below budgeted revenue _____ 6. f. A budget that details the planned expenditures for facilities, equipment and other long-term investments _____ 7. g. The variance arising from the difference in volume sold used in the preparation of the budget compared to actual volume sold. _____ 8. h. A prediction of sales that is the result of decisions to create conditions that will generate a desired level of sales. _____ 9. i. The variance arising from difference in the budgeted usage of units of a component compared to the actual amount of usage of the component. _____ 10. J. A budget that requires justification of expenditures for every activity, including continuing activities. _____ 11. k. Variance that occurs when actual profit exceeds budgeted profit. _____ 12. l. The variance arising from difference in the budgeted price of a unit of a component compared to the actual amount paid per unit of the component. _____ 13. m. Overstatement of budgeted cost or understatement of budgeted revenue to create a budget goal that is easier to achieve. _____ 14. n. A variance that occurs when actual costs are less than budgeted costs. _____ 15. o. The difference between the amount budgeted and the actual amount incurred during operating activities . _____ 16. p. A statement of planned cash receipts and disbursements. _____ 17 q. A budget that is prepared for only one expected level of activity _____ 18. r. A planned cost that should be achieved if all activities involved meet their planned goals _____ 19. s. A plan that sets the overall goals and objectives of the organization. _____ 20. t. A budget that adjusts to different levels of activity.Explanation / Answer
1). Master Budget
2). Continous Budget
3). Participative Budget
4). Operating Budget
5). Unfavourable revenue variance.
6). Capital Budget
7). Sales volume variance
8). Sales forecast
9). Quantity variance
10). Zero base budget
11). Favorable profit variance
12). Price variance
13). Budgetary Slack
14). Favorable cost variance.
16). Cash Budget.
17). Fixed Budget.
19). Strategic Plan.
20). Flexible Budget.
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