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fill in the blank questions 157 there are at least five benefits from budgeting iden 4299360


Fill in the Blank Questions

157. There are at least five benefits from budgeting. Identify two of these benefits:

(1) _______________________________________

(2) _______________________________________ 

158. The budget process is usually administered by a ____________________. 

159. There are three major subgroups of the master budget. These are _______________________, __________________, and ______________________. 

160. A ________________________ is a continuously revised budget that adds future months or quarters to replace months or quarters that have lapsed. 

161. The master budget process nearly always begins with the preparation of the ___________________ and usually finishes with the preparation of the _____________________, the _______________, and the _____________________. 

162. ___________________________ is a budget system based on expected activities and their levels that enables management to plan for resources required to perform the activities. 

163. The budget that lists the dollar amounts to be both received from plant asset disposals and spent to purchase additional plant assets to carry out the budgeted business activities is the _________________________. 

164. The __________________________ shows expected cash inflows and outflows during the budget period. 

165. The ___________________________ is prepared by manufacturing firms, and takes the place of the purchases budget prepared by merchandising firms. 

166. The ______________________________ shows the budgeted costs for direct materials, direct labor, and overhead, based on the budgeted production volume from the production budget. 


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