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102 indicate whether each of the following statements is true or false 1 false a mas 4301482

 

102. Indicate whether each of the following statements is true or false.

1. False

A master budget is a group of detailed, related budgets and schedules.

 

2. False

The master budget includes only operating budgets.

 

3. False

Capital budgets include the sales budget and inventory purchases budget.

 

4. False

A sales budget includes a schedule of cash payments for inventory.

 

5. True

The first step in preparing the master budget is to prepare an estimate of cash that will be needed during the period.

 

 

 

103. Indicate whether each of the following statements is true or false.

1. True

Employees often find that budgets are constraining and limiting.

 

2. True

Budgets establish standards by which performance is evaluated.

 

3. False

The attitudes and actions of upper-level management have little impact on the effectiveness of a company's budget.

 

4. False

Participative budgeting means that a company's budget should be prepared by lower-level employees.

 

5. False

In preparing a budget, information flows occur only from the bottom up.

 

 

 

 

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