The final budget prepared in order to complete development of the operating budget is:Multiple Choicethe revised sales forecast for next quarter.the budgeted balance sheet.the budgeted cash flow statement.the budgeted income statement.

The budgeting process includes the following steps: preparation of budgeted reports, assessing past performance and expected future trading conditions, preparation of initial budget estimates and monitoring actual performance against budgeted performance. The sequence in which these selected steps in the budgeting process occur is:Group of answer choicesassessing past performance and expected future trading conditions, preparation of budgeted reports, preparation of initial budget estimates, monitoring actual performance against budgeted performance.assessing past performance and expected future trading conditions, preparation of initial budget estimates, preparation of budgeted reports, monitoring actual performance against budgeted performance.preparation of budgeted reports, assessing past performance and expected future trading conditions, preparation of initial budget estimates, monitoring actual performance against budgeted performance.preparation of initial budget estimates, assessing past performance and expected future trading conditions, preparation of budgeted reports, monitoring actual performance against budgeted performance.

The first budget that is normally prepared is the:Group of answer choicessales budget.capital expenditure budget.cash budget.budgeted income statement.

The last major objective of budgets or budgeting.Select one:a.Performance Evaluationb.Allocation of Resourcesc.Business Coordinationd.Planning Ahead

Which report/s can be produced in budgeted form?Group of answer choicesIncome statement.Balance sheet.Statement of cash flows.All of the given reports can be produced in budgeted form

Which of the following is the correct sequence for preparing the components in an operating budget? a. Develop budgeted cost of goods sold before the fixed overhead budget. b. Develop the production budget prior to the manufacturing overhead budget. c. Develop the production budget before making sales forecast. d. Develop variable overhead budget before the sales forecast. e. Develop cash receipt budget before preparing the manufacturing overhead budget.