Multiple Select QuestionSelect all that applyCharacteristics of budgets include: (Check all that apply.)Multiple select question.a focus on the past.expressed in dollars.typically cover a month, quarter or one year.formal statement of a company's plans.typically span 5 to 10 years.expressed in nonfinancial terms.
Question
Multiple Select QuestionSelect all that applyCharacteristics of budgets include: (Check all that apply.)Multiple select question.a focus on the past.expressed in dollars.typically cover a month, quarter or one year.formal statement of a company's plans.typically span 5 to 10 years.expressed in nonfinancial terms.
Solution
The characteristics of budgets include:
- Expressed in dollars: Budgets are financial plans and are therefore expressed in monetary terms.
- Typically cover a month, quarter or one year: Budgets are usually prepared for a specific period of time, often for a month, quarter, or year.
- Formal statement of a company's plans: Budgets are a formalized statement of a company’s financial and operational goals.
The other options are not typically characteristics of budgets:
- A focus on the past: Budgets are forward-looking and focus on the future, not the past.
- Typically span 5 to 10 years: While some budgets can span this long, it is more common for budgets to cover shorter periods.
- Expressed in nonfinancial terms: While budgets can include nonfinancial goals, they are primarily expressed in financial terms.
Similar Questions
Characteristics of budgets include: (Check all that apply.)Multiple select question.expressed in nonfinancial terms.a focus on the past.expressed in dollars.typically cover a month, quarter or one year.typically span 5 to 10 years.formal statement of a company's plans.
Multiple Select QuestionSelect all that applyCharacteristics of capital budgeting include: (Check all that apply.)Multiple select question.short-term investmentoutcome is certainoutcome is uncertainlong-term investmentsmall amount of money is involvedlarge amount of money is involved
Multiple Select QuestionSelect all that applyBudget reports are commonly prepared for: (Check all that apply).Multiple select question.a year.a quarter.a week.a month.
Multiple Select QuestionSelect all that applyWhich of the following are budgets used by a service company:Multiple select question.CashCapital expendituresDirect materialsDirect laborSalesProduction
Multiple Select QuestionSelect all that applyWhich of the following describe management's use of a master budget: (Check all that apply).Multiple select question.Helps to place blame on managers who do not meet budgetsHelps in planning and control activitiesHelps in determining bonuses to managers who meet budgetsHelps analyze differences between actual and budgeted results
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.