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Question: The following terms pertain to the budgeting


The following terms pertain to the budgeting process:
Benchmarks
Budget
Control
Motivation
Responsibility accounting
Bottlenecks
Budget committee
Imposed from above
Planning
Self-imposed budget

Required:
Fill in the blanks with the most appropriate word or phrase from the above list.
1. _____ is generally higher when an individual participates in setting his or her own goals than when the goals are imposed from above.
2. If a manager is not able to meet the budget and it has been ____, the manager can always say that the budget was unreasonable or unrealistic to start with, and therefore was impossible to meet.
3. A _____ is a detailed plan for acquiring and using financial and other resources over a specified time period.
4. ____ involves developing objectives and preparing various budgets to achieve those objectives.
5. The budgeting process can uncover potential _____ before they occur.
6. ____ involves the steps taken by management to increase the likelihood that the objectives set down at the planning stage are attained.
7. Budgets define goals and objectives that can serve as _____ for evaluating subsequent performance.
8. In _____, a manager is held accountable for those items, and only those items, over which he or she has significant control.
9. A ____ is one that is prepared with the full cooperation and participation of managers at all levels of the organization.
10. A ____ is usually responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget itself.



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> Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. A popular pastime among older Chinese men is to take their pet birds on daily excursions to teahouses and public parks where they meet wit

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> Refer to the data for Hanna Corporation in Brief Exercise 13–2. In Brief Exercise 13–2 For the just completed year, Hanna Company had a net income of $35,000. Balances in the company’s current asset

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> Refer to the financial statements for Rusco Products in Problem 13–11A. Because the Cash account decreased so dramatically during 2009, the company’s executive committee is anxious to see how the income statement would

2.99

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