The task of preparing the budget normally is the responsibility of one department, the controller's department or a department of one of the high-level managers.

Most successful businesses generally prepare their budgets from 'the top down'. These budgets are tightly controlled by upper management.

Since the budget period normally coincides with the accounting period, budgets of less than one year or greater than one year are not normally prepared.

Which of the following is NOT true about the Master Budget?

The Willsey Merchandise Company has budgeted $40,000 in sales for the month of December. The company's cost of goods sold is 30% of sales. If the company has budgeted to purchase $18,000 in merchandise during December, then the budgeted change in inventory levels over the month of December is:

Which of the following would decrease the need for additional discretionary financing, everything else constant?

Which of the following would be classified as spontaneous liabilities?

A flexible budget differs from a fixed budget in that more than one set of input values for variables such as Sales are used.

Which of the following items would NOT be included in the cash budget?

Budgets perform the function of: